Head of Eaton's Truck Group to Retire; Successor Named

    CLEVELAND--April 30, 2001--Eaton Corporation today announced that Thomas W. O'Boyle, Senior Vice President and Group Executive for the company's Truck Group, will retire on June 30, 2001 and also announced that James E. Sweetnam has been elected to that position, effective July 1, 2001. Sweetnam also will assume O'Boyle's corporate-wide responsibility for Eaton's operations in South America and for the Eaton Quality Institute and the Eaton Business Excellence program. Sweetnam will report to Eaton Chairman and Chief Executive Officer Alexander M. Cutler and will be based at Eaton's world headquarters here.
    "Tom O'Boyle has provided distinguished service to the company for 34 years," said Cutler. "His leadership and wise counsel will be missed. Under his leadership, Eaton's Truck business has continued to increase market share, introduce innovative products and maintain outstanding relationships with our customers around the world. Tom has skillfully managed this business through the extreme peak of the truck industry cycle in late 1999 and early 2000, as well as the very challenging time the industry is experiencing now. He led a comprehensive restructuring of our Truck business this year that will enable us to weather this difficult down cycle and emerge even more competitive and successful than before. While we all regret Tom's decision to retire, we want to wish him all the best and extend our thanks for his many contributions to Eaton."
    James E. Sweetnam has been Vice President - Heavy-Duty Transmission, Clutch and Aftermarket Operations of Eaton's Truck Group since January, 2000. "We are delighted to have an executive of Jim's caliber to lead our Truck business and join our Worldwide Business Team," said Cutler. "He has a proven record of leadership and exceptional experience in the truck industry."
    Sweetnam joined Eaton in 1997 as the Vice President and General Manager of the Truck Group's Heavy-Duty Transmission Division. From 1993 to 1997 he was Vice President at Cummins Engine Company and Group Managing Director of Holset Engineering Co. Ltd., a subsidiary of Cummins. Sweetnam served as President of Cummins Electronics from 1989 to 1993 and as Executive Director, Drivetrains, for Cummins Engine from 1988 to 1989. Earlier in his career he held management positions with Canadian Liquid Air and engineering positions with Air Products and Chemicals. Sweetnam holds a M.B.A. from Harvard and a B.S. in applied science and engineering from the U.S. Military Academy at West Point.
    O'Boyle was elected Senior Vice President and Group Executive for the Truck Group in 1995. He served as Vice President, Truck Components Operations Worldwide from 1991 to 1995 and was General Manager, Transmission Division from 1989 to 1991. Prior to that, he held a series of progressively responsible management positions in the Truck Group, where he has spent his Eaton career since joining the company in 1966. O'Boyle holds a B.S. in engineering from Cleveland State University.
    Eaton Corporation is a global $8 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton's 55,000 employees work in 29 countries on six continents. For more information, visit www.eaton.com.