Eaton Corporation Appoints Richard H. Fearon Executive Vice President and Chief Financial & Planning Officer

    CLEVELAND--April 16, 2002--Diversified industrial manufacturer Eaton Corporation today announced that Richard H. Fearon has been appointed executive vice president and chief financial & planning officer, effective April 15, 2002. Fearon has responsibility for the accounting, controller, corporate development, information systems, investor relations, strategic planning, tax and treasury functions. He reports to Alexander M. Cutler, Eaton's chairman and chief executive officer and is located at the company's world headquarters here.
    "Rick is an outstanding strategic thinker whose broad range of skills, expertise and experience directly supports Eaton's vision of becoming a premier diversified industrial company," said Cutler. "His track record of business and personal achievements mirrors the culture of performance, learning and change that we are building at Eaton."
    Fearon joined Eaton from Willow Place Partners, a Menlo Park, CA-based corporate advisory firm that he founded in 2001. From 1995 to 2000, he was with Transamerica Corporation, where he most recently served as senior vice president of corporate development. From 1990 to 1995, Fearon was general manager, corporate development for Singapore-based NatSteel Ltd. and vice chairman, NatSteel Chemicals. Prior to that, he worked with management consulting firms Booz Allen & Hamilton in Singapore and The Boston Consulting Group in Los Angeles, CA, and served as director of strategic planning for The Walt Disney Company in Burbank, CA.
    Fearon holds a Master of Business Administration degree from Harvard Business School, where he was a Baker Scholar, and a Juris Doctor, cum laude, from Harvard Law School. He received a Bachelor of Arts degree in economics, with distinction, from Stanford University, where he was elected to Phi Beta Kappa.

    Eaton Corporation is a global $7.3 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 has 48,000 employees and sells products in more than 50 countries. For more information, visit www.eaton.com.