Crane Co. Announces Management Changes
STAMFORD, Conn. -- January 28, 2013
Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered
industrial products, today announced the appointment of Max H. Mitchell as
President and Chief Operating Officer, effective immediately. Mr. Mitchell,
49, has served as Executive Vice President and Chief Operating Officer since
May 2011, during which time Crane has delivered record operating results. All
segment Group Presidents will continue to report to Mr. Mitchell.
Crane Co. also announced that Andrew L. Krawitt has decided to leave the
Company in May 2013 in order to pursue a doctorate in mathematics. Mr. Krawitt
has served as Vice President and Treasurer of Crane Co. since September 2006,
and was designated the Company’s principal financial officer in May 2010.
In conjunction with Mr. Krawitt’s intended departure, the Company announced
the appointment of Richard A. Maue as Vice President–Finance and Chief
Financial Officer, effective immediately. Mr. Maue, 42, who joined Crane in
August 2007 as Vice President and Controller and principal accounting officer,
has also been designated as the Company’s principal financial officer,
effective immediately. Mr. Maue is a Certified Public Accountant and received
his Bachelor of Science degree in Accounting from Villanova University in
1992. He has twenty years of experience as a finance professional, primarily
with public companies in the manufacturing industry. Since May 2010, Mr. Maue
and Mr. Krawitt have shared CFO responsibilities.
Eric C. Fast, Chief Executive Officer said, “I am extremely pleased to have
Max take the next step in our succession planning process as he continues to
drive profitable growth and influence Crane’s strategic direction. I would
like to thank Andrew for his contributions and wish him well in his new
pursuit. Rich is highly qualified to lead our finance organization, and his
promotion to CFO will enable continued Crane success.”
Crane Co. is a diversified manufacturer of highly engineered industrial
products. Founded in 1855, Crane provides products and solutions to customers
in the aerospace, electronics, hydrocarbon processing, petrochemical,
chemical, power generation, automated merchandising, transportation and other
markets. The Company has five business segments: Aerospace & Electronics,
Engineered Materials, Merchandising Systems, Fluid Handling, and Controls.
Crane has approximately 11,000 employees in North America, South America,
Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange
(NYSE:CR). For more information, visit www.craneco.com.
Richard E. Koch, 203-363-7352
Director, Investor Relations
and Corporate Communications
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