Crane CEO Eric C. Fast will retire in 2014, the company said Monday. Fast will be replaced by Max H. Mitchell, current president and chief operating officer of the company.
Fast has served as CEO since 2001, after first joining the company in 1999 as president and chief operating officer. In 2012 he helped Crane, manufacturer of aerospace and electronics products, post a record earnings per share.
"In 2012 we posted record earnings per share and free cash flow. In 2013, we expect to complete the acquisition of MEI, which will create a third growth platform for the Company, and we anticipate a third consecutive year of record earnings performance. Importantly, our stock price reached an all- time high in the first quarter of 2013. I want to thank our employees for their hard work, our shareholders for their support, and our Board of Directors for their guidance and counsel," said Fast.
Fast will remain a member of the board of directors at Crane when he leaves his post in January.
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