Frank Hermance Named Chief Executive Officer Of AMETEK, Inc.
Appointment Assures Smooth Transition of Senior Management Leadership Paoli, PA, September 14, 1999 -- AMETEK, Inc. (NYSE: AME) today announced that its Board of Directors has named Frank S. Hermance, 50, as Chief Executive Officer succeeding Walter E. Blankley, 64, who continues as Chairman of the Board until his retirement at the end of 2000. The appointment of Mr. Hermance, who also joins the AMETEK Board, completes the Company’s senior management transition, which commenced in 1996 when Mr. Hermance became AMETEK’s President and Chief Operating Officer. Mr. Hermance will remain as AMETEK’s President.
Walter E. Blankley, Chairman, stated, “Frank Hermance is an experienced professional whose expertise at AMETEK is at both the operating and corporate levels. We together have overseen AMETEK’s business strategy and its resulting success in the company’s growth and enhanced shareholder value. His appointment as the Chief Executive Officer is the final step in our company’s management transition process, assuring our shareholders, employees and those with whom we do business of continuity in AMETEK’s leadership and business direction.”
Mr. Hermance stated, “I am extremely excited with the opportunity to continue to build AMETEK for the benefit of our shareholders, customers and employees. We are a global company with sound core businesses that have strong positions in their market segments. We also have established a culture that is keenly focused on increasing shareholder returns through our growth strategies. Walter Blankley and I have worked closely in developing this culture and focus for AMETEK, and I am committed to continuing AMETEK on this course.”
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. 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 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.