Applied Industrial Technologies CFO Mark O. Eisele to Retire; David K. Wells Named Successor
May 15 2017 - 6:42AM
Applied Industrial Technologies (NYSE:AIT) announced today that
Mark O. Eisele, Vice President – Chief Financial Officer &
Treasurer, will retire at the end of August 2017 after 26 years of
service to the Company. Eisele joined Applied in 1991, was elected
Vice President & Controller in 1997, and has served in his
current role since 2004.
Succeeding Mr. Eisele is David K. Wells, who is
joining Applied as Vice President – Finance. They will work
together over the next several months through the Company’s 2017
fiscal year-end reporting and fiscal 2018 planning processes to
ensure a smooth transition of responsibilities, including oversight
of financial, treasury and capital management, as well as internal
and external financial reporting and investor relations. Mr. Wells
will be elected Vice President – Chief Financial Officer &
Treasurer following the filing of the Company’s fiscal 2017 annual
report on Form 10-K at the end of August.
“Mark has been a valued member of our leadership
team for many years. His financial management and Company expertise
have been important contributors to Applied’s growth and success,”
said Neil A. Schrimsher, President & Chief Executive Officer
for Applied. “We are committed to seamlessly transitioning this key
role and wish Mark the very best in his retirement.”
Mr. Wells joins Applied from Colfax Corporation
– ESAB/Fabrication Technologies, a $2.0 billion global manufacturer
of welding and material cutting products, where he served as Vice
President & CFO since 2015. His professional career also
includes five years as Vice President & CFO at Apex Tool Group,
and extensive industrial experience at both Danaher Corporation and
Cooper Industries in various leadership positions. Mr. Wells holds
a Bachelor of Arts degree in business administration from Grove
City College and an MBA from Ashland University.
“We are very pleased to welcome David to
Applied,” Schrimsher added. “David’s breadth of experience, coupled
with his financial acumen make him an excellent addition to the
Company, and we look forward to his leadership.”
About AppliedFounded in 1923,
Applied Industrial Technologies is a leading industrial distributor
serving MRO and OEM customers in virtually every industry. In
addition, Applied provides engineering, design and systems
integration for industrial and fluid power applications, as well as
customized mechanical, fabricated rubber and fluid power shop
services. Applied also offers maintenance training and inventory
management solutions that provide added value to its customers. For
more information, visit www.applied.com.
CONTACT INFORMATION
INVESTOR RELATIONS
Mark O. Eisele
Vice President – Chief Financial Officer & Treasurer
216-426-4417
CORPORATE & MEDIA RELATIONS
Julie A. Kho
Manager, Public Relations
216-426-4483
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