Edition:
India

Applied Industrial Technologies Inc (AIT.N)

AIT.N on New York Stock Exchange

60.24USD
1:30am IST
Change (% chg)

$0.25 (+0.42%)
Prev Close
$59.99
Open
$58.79
Day's High
$61.09
Day's Low
$58.79
Volume
78,214
Avg. Vol
68,581
52-wk High
$70.61
52-wk Low
$30.66

Summary

Name Age Since Current Position

Peter Wallace

65 2014 Independent Chairman of the Board

Neil Schrimsher

56 2013 President, Chief Executive Officer, Director

David Wells

56 2019 Chief Financial Officer, Vice President, Treasurer

Kurt Loring

50 2014 Chief Human Resource Officer, Vice President

Fred Bauer

53 2002 Vice President, General Counsel, Secretary

Warren Hoffner

59 2015 Vice President, General Manager - Fluid Power

Madhuri Andrews

52 2019 Independent Director

Peter Dorsman

65 2002 Independent Director

Mary Hall

62 2019 Independent Director

Dan Komnenovich

67 2012 Independent Director

Robert Pagano

57 2017 Independent Director

Vincent Petrella

59 2012 Independent Director

Joe Raver

53 2017 Independent Director

Ryan Cieslak

2019 Director of Investor Relations and Treasury

Biographies

Name Description

Peter Wallace

Mr. Peter C. Wallace is an Independent Chairman of the Board of Applied Industrial Technologies, Inc. Mr. Wallace most recently was Chief Executive Officer of Gardner Denver, Inc. (NYSE: GDI) from 2014 until retiring in December 2015. Gardner Denver is a worldwide manufacturer of highly engineered products, including compressors, liquid ring pumps, and blowers for various industrial, medical, environmental, transportation, and process applications, pumps used in the petroleum and industrial market segments, and other fluid transfer equipment. Prior to joining Gardner Denver, Mr. Wallace was President and Chief Executive Officer, and a director, of Robbins & Myers, Inc. (formerly NYSE: RBN), from 2004 until it was acquired in 2013 by National Oilwell Varco, Inc. Robbins & Myers was a leading designer, manufacturer, and marketer of highly engineered, application-critical equipment and systems for energy, chemical, pharmaceutical, and industrial markets worldwide. Mr. Wallace has a wide and varied background as a senior executive in global industrial equipment manufacturing. He brings to the Board the perspective of someone familiar with all facets of worldwide business operations, including the experience of leading a NYSE-listed company. Mr. Wallace’s career includes positions with global responsibilities for equipment manufacturers with product lines that Applied (and others) represented as a distributor in the fluid power and power transmission component fields. In those roles, he developed significant knowledge about Applied’s industry, including the dynamics of the relationships between industrial product manufacturers and their distributors. These experiences and knowledge, along with his service on other NYSE-listed company boards, enhance Mr. Wallace’s contributions and value to our Board.

Neil Schrimsher

Mr. Neil A. Schrimsher is the President, Chief Executive Officer and Director of Applied Industrial Technologies, Inc. Mr. Schrimsher joined Applied as our Chief Executive Officer in 2011 and was also elected President in 2013. Before joining Applied, Mr. Schrimsher was Executive Vice President of Cooper Industries plc (formerly NYSE: CBE), a global electrical products manufacturer, where he led Cooper’s Electrical Products Group and headed numerous domestic and international growth initiatives. As the only Applied executive to serve on the Board, Mr. Schrimsher contributes a deep understanding of the company’s businesses, markets, and competitive landscape. From his prior employment, Mr. Schrimsher brought to Applied and its Board broad leadership experience, including management of worldwide operations, distribution management, strategic planning and analysis, manufacturing, engineering, supply chain management, and sourcing.

David Wells

Mr. David K. Wells is the Vice President, Chief Financial Officer, Treasurer of the Company. He served as Vice President-Finance from May 2017 through August 2017. Prior to joining Applied, from May 2015 to May 2017, Mr. Wells was Vice President & Chief Financial Officer of ESAB, a manufacturer of welding and material cutting products and a division of Colfax Corporation (NYSE: CFX). Prior to then he was Vice President & Chief Financial Officer of Apex Tool Group, a manufacturer of hand and power tools.

Kurt Loring

Mr. Kurt W. Loring is the Chief Human Resource Officer, Vice President of the Applied Industrial Technologies, Inc. Prior to then Mr. Loring was Vice President, Human Resources for the Forged Products segment of Precision Castparts Corporation (formerly NYSE: PCP). The $4.3 billion segment, with greater than 5,000 employees, is a world-leading producer of complex forgings and high-performance nickel-based alloys and super alloys for aerospace, power generation, and general industrial applications

Fred Bauer

Mr. Fred D. Bauer is the Vice President, General Counsel, Secretary of the Applied Industrial Technologies, Inc. He has been Vice President-General Counsel & Secretary since 2002.

Warren Hoffner

Mr. Warren E. Hoffner is the Vice President, General Manager - Fluid Power, an executive officer of the Company. Mr. Hoffner joined Applied in 1996 when we acquired a distribution business owned by him and his father. Two related party lease arrangements have survived from the acquisition and been renewed from time to time: (1) we lease a building from a company owned 50% by Mr. Hoffner’s father (who retired at the time of the acquisition) at a current rental rate of $154,176 per year, with a term expiring in 2019; and (2) we lease a second building from Mr. Hoffner’s father at a current rental rate of $127,879 per year, with a term expiring in 2019. Applied management, using a third-party broker, negotiates the rental rates and other lease terms and we consider them to be market competitive. Following a review, the Corporate Governance Committee ratified the lease transactions.

Madhuri Andrews

Ms. Madhuri A. Andrews is appointed as Independent Director of the Company. Ms. Andrews has served as Senior Vice President, Chief Digital and Information Officer for Jacobs Engineering Group Inc. (NYSE: JEC) since June 2019 and had been Senior Vice President and Chief Information Officer from August 2018 to June 2019. Jacobs Engineering Group is one of the largest technical professional services firms in the world, providing a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. From January 2015 to August 2018, she was Chief Information Officer at DynCorp International LLC, a global aviation, logistics, intelligence, and field operations service provider. Prior to then, she was Senior Vice President and Chief Information Officer at CompuCom Systems, Inc., an information technology managed services company. Ms. Andrews is a business-focused technology executive with broad experience leading business and information technology transformation as well as global digital strategies for major firms across a variety of industries. She has led operational business continuity and technology-related transformation projects for organizations through acquisitions and divestitures, achieving synergies and eliminating stranded costs. Ms. Andrews also has practical experience optimizing and integrating governance, risk, and compliance (GRC) frameworks, processes, and technologies in complex regulatory and industry environments. Her skills and experience in these areas position her to be an important contributor to Applied’s Board.

Peter Dorsman

Mr. Peter A. Dorsman is an Independent Director of Applied Industrial Technologies, Inc. Mr. Dorsman retired from NCR Corporation (NYSE: NCR) in 2014. NCR is a global technology company providing assisted and self-service solutions and comprehensive support services that address the needs of retail, financial, hospitality, technology, and telecommunication organizations throughout the world. As Executive Vice President, Services, Mr. Dorsman led NCR Services, a leading global provider of outsourced and managed service offerings. He was also responsible for customer experience, continuous improvement, and quality throughout NCR, serving as Chief Quality Officer during this period. Prior to then, he served as NCR’s Executive Vice President, Industry Solutions Group and Global Operations, and as Senior Vice President, Global Operations. Mr. Dorsman has broad experience in marketing, sales, strategy, and operations. At NCR, a multibillion dollar company, he led 11,000 service professionals serving customers in over 90 countries. He also led NCR’s efforts to provide consistent, world-class service delivery, products, and solutions. With his diverse background and expertise, he contributes insights about many aspects of our business operations and initiatives.

Mary Hall

Ms. Mary Dean Hall serves as Independent Director of the Company. Ms. Hall has served as Senior Vice President, Chief Financial Officer and Treasurer of Quaker Houghton (NYSE: KWR) (formerly known as Quaker Chemical Corporation) since August 2019 and had served as Vice President, Chief Financial Officer and Treasurer prior to then, since November 2015. Quaker Houghton is the global leader in industrial process fluids for the primary metals and metalworking markets. Before then, she served in various finance and treasury roles of increasing responsibility with Eastman Chemical Company (NYSE: EMN), a global manufacturer of advanced materials, specialty chemicals, plastics, and fibers, most recently as Vice President and Treasurer. Ms. Hall brings to Applied a well-rounded background in public company accounting and reporting, financial planning and analysis, tax, treasury, corporate development/M&A, investor relations, and enterprise risk management. In addition, her career began in the banking industry, where she developed expertise in M&A, capital markets, and financing. Ms. Hall’s skills and experience in these areas position her to be an important contributor to Applied’s Board.

Dan Komnenovich

Mr. Dan P. Komnenovich, CPA, is an Independent Director of Applied Industrial Technologies, Inc. Until retiring in 2013, Mr. Komnenovich was President and Chief Executive Officer of Aviall, Inc., a wholly owned subsidiary of The Boeing Company (NYSE: BA). Aviall is one of the world’s largest providers of new aviation parts and related aftermarket operations. It also provides maintenance for aviation batteries, wheels, and brakes, as well as hose assembly, kitting, and paint-mixing services, and offers a complete set of supply chain and logistics services, including order processing, stocking and fulfillment, automated inventory management, and reverse logistics to OEMs and customers. Mr. Komnenovich led a global multibillion dollar distribution company which grew significantly during his service as a senior executive. He brings to our Board extensive experience with distribution sales, marketing, operations, supply chain management, and logistics. Earlier in his career, Mr. Komnenovich was a Certified Public Accountant and served in finance and accounting roles with various companies.

Robert Pagano

Mr. Robert J. Pagano, Jr., is an Independent Director of the Company. Mr. Pagano has served as Chief Executive Officer and President of Watts Water Technologies, Inc. (NYSE: WTS) since 2014. Watts Water Technologies, Inc. is a global supplier of products and solutions that manage and conserve the flow of fluids and energy into, through, and out of buildings in the residential and commercial markets. He also served as interim Chief Financial Officer from October 2014 to April 2015 and from April to July 2018. Mr. Pagano began his career with an international public accounting firm and he is a Certified Public Accountant. Mr. Pagano brings to Applied’s Board his broad management experience as a sitting chief executive officer and director of a NYSE-listed global manufacturing company. In addition, his career includes extensive leadership and operations experience, working with distributors to serve industrial markets throughout the world, as well as a strong background in finance and accounting.

Vincent Petrella

Mr. Vincent K. Petrella is an Independent Director of Applied Industrial Technologies, Inc. Mr. Petrella is Executive Vice President, Chief Financial Officer and Treasurer of Lincoln Electric Holdings, Inc. (NASDAQ: LECO). Lincoln Electric engages in the design, manufacture, and sale of welding, cutting, and brazing products worldwide. As one of Lincoln Electric’s top executives, Mr. Petrella has helped lead the company’s global expansion over the last decade. His leadership and operating experience, and his knowledge of industrial distribution in North America and abroad, make him a key contributor to discussions about Applied’s strategy. In addition, Mr. Petrella’s finance and accounting background (before joining Lincoln Electric he was a Certified Public Accountant with an international public accounting firm) and his service as Chief Financial Officer for a multi-billion dollar public company make him a valued member of the Board and chairman of the Audit Committee.

Joe Raver

Mr. Joe Anthony Raver is an Independent Director of the Company. Mr. Raver has served as President and Chief Executive Officer of Hillenbrand, Inc. (NYSE: HI) since 2013. Hillenbrand is a diversified industrial company with multiple brands that serve a range of industries across the globe. The company’s Process Equipment Group provides compounding, extrusion and material handling; size reduction; screening and separating, and flow control products and services for a range of manufacturing and other industrial processes. Mr. Raver brings to Applied’s Board his broad management experience as a sitting chief executive officer and director of a NYSE-listed global manufacturing company serving industrial markets worldwide. In addition, his career includes extensive leadership and operations experience in diverse business settings.

Ryan Cieslak

Mr. Ryan D. Cieslak serves as Director of Investor Relations and Treasury of the Company. Mr. Cieslak joins Applied from Northcoast Research (NCR) in Cleveland where he served as Vice President, Senior Industrial Analyst, with a focus on conducting research and analysis as well as building relationships with institutional clients and management of covered companies. Prior to NCR, Cieslak held various analyst and research positions over the course of 10 years at KeyBanc Capital Markets. His career originated at FTN Midwest Securities.

Basic Compensation

Name Fiscal Year Total

Peter Wallace

280,026

Neil Schrimsher

4,493,380

David Wells

1,148,660

Kurt Loring

926,618

Fred Bauer

1,225,320

Warren Hoffner

912,892

Madhuri Andrews

--

Peter Dorsman

219,494

Mary Hall

--

Dan Komnenovich

205,744

Robert Pagano

205,744

Vincent Petrella

224,494

Joe Raver

205,744

Ryan Cieslak

--
As Of  30 Jun 2019