Gleason Corporation Names New Chief Executive Officer

    ROCHESTER, N.Y.--Aug. 29, 2002--After 21 years at the helm of Gleason Corporation, Chairman and Chief Executive Officer James S. Gleason, 68, announced today that, effective immediately, he is handing over the CEO reins to his protege, President and Chief Operating Officer David J. Burns, 48.
    Gleason will remain an active chairman of the Rochester, N.Y.-based company, which is the world leader in gear production technology.
    "Naming Dave as chief executive was an easy decision for me and the board," said Gleason. "Over the past 24 years, Dave has proven to be a dynamic leader of utmost integrity and has an unwavering commitment to moving the company forward." Gleason added, "Dave has the vision, knowledge, experience and passion needed to take this 137-year-old company to the next level of excellence."
    Burns has an undergraduate degree in economics from St. John Fisher College in Rochester. He joined Gleason Corporation in May 1978, after earning his master's degree in business administration with an emphasis on marketing from the William E. Simon Graduate School of Business Administration at the University of Rochester. He began as an industrial engineer. Over the next two decades, Burns worked in virtually every area of the Gleason business, from engineering and manufacturing to sales and marketing - successfully making his way from the plant floor to the boardroom. In the last five years Burns assumed increasingly more responsibility as he was being specifically groomed to become the next CEO. Among his accomplishments are the construction and opening of the new machine tool factory in Rochester, which has widely been acknowledged as one of the most advanced machine tool production facilities in the world; and the negotiation of two major acquisitions in Germany, which more than doubled company revenues and significantly increased the scope of product offerings and geographic reach.
    "Gleason Corporation has carved out a remarkable niche in the machine and tool manufacturing industry and become the undisputed global leader in gear production technology," said Burns. "It is my goal to not only sustain the leadership position earned during Jim's tenure as CEO, but to also build on his accomplishments and propel the company to greater growth and prosperity."
    James Gleason's contributions to the growth and sustenance of the company are many. After spending several years divesting the company of acquisitions that did not fit strategic objectives, Gleason refocused the company on its core competency, gear technology, and presided over a period of new strategically aligned acquisitions that more than tripled the company's sales. And in 2000, with the help of Vestar Capital Partners, a New York City-based private equity investment firm, Gleason returned the company to private ownership, ending a 32-year period of being publicly traded on the New York Stock Exchange.
    "My family and I along with the family foundation have a large equity position in the company," said Gleason. "So, as chairman, you can be sure that I will continue to be involved and supportive of the company in any way I can, and I will be actively engaged as chairman of the foundation."
    During Gleason's tenure, he also became known for his ability to cultivate new business leaders.
    "I believe in selecting highly competent young executives and giving them the authority to make things happen," said Gleason.
    "Making good things happen is what we do here at Gleason Corporation," said Burns. "Gears produced by our machines keep the world in motion(TM). With the support of our dedicated, skilled workforce and our sound, ethical management team, Gleason Corporation will continue to introduce breakthrough products and innovative technology, and we will deliver superior customer service and support."

Gleason Corporation is the world leader in the development, manufacture and sale of gear production machinery and related equipment. The company has been "keeping the world in motion" with its innovative products and technology since it was founded in Rochester, New York, in 1865 by William Gleason. Gears produced by Gleason machines are used in drive trains of automobiles, sport utility vehicles, trucks, buses, aircraft and marine, agricultural and construction machinery. Gleason Corporation has annual revenues of approximately $400 million and employs nearly 2500 people worldwide. The company has manufacturing operations in Rochester; Rockford, Illinois; Plymouth, England; Munich and Ludwigsburg, Germany; Bangalore, India; and Biel, Switzerland, and has sales and service offices throughout the United States and Europe, and in the Asia-Pacific region.