Pall Corporation CEO Eric Krasnoff to Retire In March 2012
Pall Corporation (NYSE:PLL) announced today that Eric Krasnoff, Chairman of the Board, Chief Executive Officer and President, intends to retire on his 60th birthday in March 2012, or earlier, on the identification of his successors in those positions. The Board of Directors plans to begin an executive search in the coming weeks.
“During his 17-year tenure as CEO, Eric has led the Company’s growth as the architect of its global strategy, and he has produced excellent results,” said Daniel J. Carroll, Jr., presiding lead independent director. “The Company is strong, growing and well positioned to meet the needs of Pall customers around the globe. The Board and Eric are committed to a smooth transition and superior execution as we look to the next phase of Pall’s growth.”
Mr. Krasnoff said, “I am proud of what we have accomplished at Pall over the years and it will be difficult to leave, but I believe it is important to begin planning for the Company’s next chapter and mine. Over the next several months, I will do all I can to help the Board identify the best possible leader to take Pall to the next level. At the same time, I want to emphasize that I remain fully engaged in the business and focused on maintaining our performance and momentum.”
The announcement follows the notice to the Board by Mr. Krasnoff and the Company’s General Counsel, Sandra Marino, on January 10, 2011, that they intended to pursue a personal relationship. Ms. Marino has tendered her resignation, which was accepted by the Board. Mr. Carroll said, “Sandra brought considerable legal talent and leadership to her role as General Counsel and Corporate Secretary, and we greatly appreciate her dedication and contribution to Pall’s success throughout her more than six years with the company. We share her view that, from a governance perspective, the right and necessary decision has been made and we wish her well in her future endeavors.”
The Company reported that, on being informed of the matter, the Board conducted and completed an inquiry with the assistance of outside counsel and determined that the relationship did not have any impact on Pall’s operating or financial results and that no Company assets were misused or misreported.
Effective immediately, Robert G. Kuhbach has been appointed as Senior Vice President, General Counsel and Corporate Secretary pending a search for Ms. Marino’s replacement. Mr. Kuhbach was employed by Dover Corporation, a diversified global industrial manufacturing company, from February 1993 to his retirement in December 2009. His last position at Dover was as Vice President Finance and Chief Financial Officer, which he held from November 2002 through July 2009. Previously, Mr. Kuhbach was Vice President, General Counsel and Secretary of Dover for almost 10 years. Ms. Marino has agreed to remain with the Company until February 28, 2011 to assist in the transition of her responsibilities.
Mr. Carroll said, “We are very pleased to welcome Rob as part of our leadership team. His deep public company experience will complement our team of talented leaders. This experienced team will continue to execute Pall’s strategic growth plans to deliver value for customers and shareholders.”
About Pall Corporation
Pall Corporation is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.4 billion for fiscal 2010, is an S&P 500 company with more than 10,000 employees serving customers worldwide. To see how Pall is helping enable a greener, safer, more sustainable future, visit www.pall.com/green.
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