February 19, 2004
Snap-on Incorporated (NYSE: SNA), a global leader in tools, diagnostics and equipment, announced today that John F. Fiedler, retired chairman of the board and chief executive officer of BorgWarner Inc., has been appointed to Snap-on's board of directors.
Fiedler, 65, served as BorgWarner's chairman and chief executive officer until 2003. Prior to 1995, he was president and chief operating officer. During his tenure, BorgWarner increased its revenues from $800 million to roughly $3 billion, and grew from a largely North American company to one with a geographically balanced customer base. Also under Fiedler's leadership, the company broadened its powertrain expertise beyond transmissions and four-wheel drive systems into engine technology.
Prior to joining BorgWarner in 1994, Fiedler was with The Goodyear Tire & Rubber Company where he was executive vice president in charge of the North American Tire division.
"We are delighted that John Fiedler has joined our board," said Roxanne J. Decyk, Snap-on director and chairperson of the corporate governance and nominating committee. "He brings with him great corporate leadership experience, as well as in-depth industry knowledge, having spent nearly 40 years in a wide range of responsibilities within the automotive industry."
"Mr. Fiedler is a great addition to the board," said Dale F. Elliott, Snap-on chairman, president and chief executive officer. "His global perspective and broad management experience will be of tremendous benefit as Snap-on continues its application of Lean business principles across the organization and its pursuit of profitable growth opportunities."
Fiedler is also a director of Yellow Roadway Corporation, Mohawk Industries, Inc. and AirTran Holdings, Inc. He is a member of the Kent State Centennial Commission and is on the Board of Trustees of the Manufacturers Alliance/MAPI.
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage, diagnostics software and other solutions for vehicle-service, industrial, government and agricultural customers, and commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 12,600 people worldwide.