|Standex Elects President and Chief Operating Officer Roger Fix as Chief Executive Officer; Ted Trainor to Continue as Chairman of the Board|
|SALEM, N.H., Oct 29, 2002 (BUSINESS WIRE) -- Standex International Corporation
(NYSE: SXI) announced today that effective January 1, 2003 President and Chief
Operating Officer Roger Fix has been elected Chief Executive Officer by the
Company's Board of Directors. He will succeed Edward (Ted) Trainor, who will
continue as Chairman of the Board.
Fix, 49, has been serving as President, Chief Operating Officer and a Director of Standex, since December 2001, when Trainor was elected Chairman. During the past year, Fix has been responsible for several of Standex's operating companies and has reported directly to Trainor.
"Roger's election as Chief Executive Officer completes a management succession plan that was initiated when he joined Standex a year ago," said Trainor. "He came to Standex with 25 years of experience in running large enterprises with diverse manufacturing operations and also brings extensive international business experience. In the past year, Roger has contributed to our success in launching Standex's Focused Diversity strategy, enhancing operational efficiencies and controlling costs. His background should prove invaluable as we continue to grow Standex by focusing on providing engineered products and customer solutions, and by pursuing acquisitions that complement this strategy."
"This is a very exciting time to be taking the helm at Standex," stated Fix. "Since joining Standex and assuming the responsibilities for day-to-day operations, I have come to appreciate some of the unique, undeniable strengths of this Company. First and foremost, the dedication of our employees and managers to making Standex successful is unquestionably our biggest strength. In addition, our divisions have proven to be very creative and agile in meeting the needs of our customers and as a result establishing themselves as leaders in the niche markets in which they participate. Our Focused Diversity strategy is designed to build on the Company's long history of excellence by defining new ways to bring the collective strengths of our 17 businesses to bear on Standex's mission of providing engineered products and solutions to our customers around the world. I look forward to continuing the execution of our strategy and to maximizing shareholder value."
Added Fix, "One of Ted's current priorities is ensuring that Standex is in full compliance with all aspects of the rapidly changing standards and regulations for corporate governance. Ted brings to this endeavor and to his board chairmanship the wealth of experience and commitment to high ideals that have epitomized his 18-year tenure of leadership at Standex."
Prior to joining Standex, Fix served as Chief Executive Officer and President of Outboard Marine Corporation, a recreational marine manufacturing company based in Chicago. Fix joined Outboard Marine in June 2000 as Chief Operating Officer and was subsequently named Chief Executive Officer. Prior to his position at Outboard Marine, Fix was Chief Executive at John Crane, a $1 billion global manufacturer of mechanical seals for the process industry. Fix began at John Crane in 1996 as President-North America and was named Chief Executive in 1998. At John Crane, Fix successfully completed several complementary acquisitions that doubled the size of the business, and initiated several cost-reduction programs. Earlier in his career, Fix held senior management positions at XOMOX, a division of Emerson Electric, and Fisher Controls Company, a manufacturer of process control valves and electronic instrumentation.
Fix holds a Master's degree in Mechanical Engineering from the University of Texas and a Bachelor of Science degree in Mechanical Engineering from the University of Nebraska.
Trainor began at Standex in 1984 and rose steadily through the ranks to first become CEO and then Chairman of the Company's Board of Directors in 2001. After joining Standex as VP/General Manager of National Metal Industries, Trainor was named President of the Institutional Products Group in 1987. He became Vice President of the Company in 1992, President and Chief Operating Officer in 1994 and Chief Executive officer in 1995. Trainor was first elected to Standex's Board of Directors in 1994. Trainor is the chief architect of the Company's Focused Diversity strategy. He began his career as an engineer at Eastman Kodak Company, and then became a Group Vice President with C.H. Stuart, a privately owned diversified company.
Trainor received a Bachelor of Science degree in Engineering from Boston University and a Master of Science degree in Engineering from Rochester Institute of Technology. He also completed the Advanced Management Program from Harvard Business School. He is a member of the Dean's Advisory Board for the College of Engineering at Boston University.
About Standex International Corporation
Standex International Corporation is a multi-industry manufacturer in three broad business segments: Food Service, Industrial and Consumer with operations in the United States, Europe, Canada, Australia, Singapore and Mexico.
CONTACT: Standex International Corporation Daniel Potter, 603/893-9701