Frank S. Hermance Named Chairman of AMETEK, Inc.; Appointment Completes Transition of Executive Leadership
15 November 2000
Frank S. Hermance Named Chairman of AMETEK, Inc.; Appointment Completes Transition of Executive LeadershipPAOLI, Pa., Nov. 15 AMETEK, Inc. today announced that its Board of Directors has elected Frank S. Hermance, 51, AMETEK's Chief Executive Officer, as Chairman of the Board of Directors. He succeeds Walter E. Blankley, 65, effective with Mr. Blankley's retirement at the end of 2000. The election of Mr. Hermance completes the Company's executive management transition, which commenced in 1996 when Mr. Hermance became AMETEK's President and Chief Operating Officer. Mr. Hermance continues as AMETEK's Chief Executive Officer, which he became September 1999. Walter E. Blankley, Chairman, stated, "Frank's appointment as Chairman completes a smooth transition of AMETEK's executive leadership. Frank and I have worked closely for more than ten years at AMETEK, and he is well qualified to assume the Chairman's role." Mr. Hermance said, "After forty years of dedicated service to AMETEK, including ten years as CEO, Walt leaves AMETEK with a strong foundation on which to grow. The Board of Directors, the Company and I extend our thanks and appreciation for the significant contributions Walt has made to AMETEK. We have a solid strategic vision, a proven management team, and are well positioned to continue AMETEK's double digit growth." Mr. Hermance joined AMETEK in 1990 as Group Vice President for the Precision Instruments Group. In 1994, he was named President of the Electronic Instruments Group and in January 1996 Executive Vice President and Chief Operating Officer. In November 1996, Mr. Hermance was named President and Chief Operating Officer and in September 1999 he was elected President and Chief Executive Officer. Before joining AMETEK in 1990, Mr. Hermance was general manager of Tektronix's Waveform Measurement division, the world's leading oscilloscope producer. He was also a senior vice president of operations for Combustion Engineering's Taylor Instrument Company in Rochester, NY, a producer of process and analytical instruments. Mr. Hermance earned a bachelor's and master's degree in electrical engineering from Rochester Institute of Technology. AMETEK is a leading global manufacturer of electric motors and electronic instruments. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, New Products, Global & Market Expansion and Strategic Acquisitions & Alliances. Its objective is double-digit percentage growth in earnings per share from continuing operations and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 index and the Russell 2000 Growth Index. For more information, contact William J. Burke of AMETEK, 610-889-5249.