-
President – Cummins Power Generation to
succeed Joe Loughrey–
Tom Linebarger has been named President and Chief Operating Officer of
Cummins Inc. (NYSE:CMI), replacing Joe Loughrey, 58, who will become
Vice Chairman, effective August 1, until he retires in March 2009.
Linebarger, 45, currently serves as President of Cummins Power
Generation and has been an Executive Vice President since 2005. He
formerly was the Company’s Chief Financial
Officer.
“Tom’s strong
financial background, general management skills, understanding of Cummins’
business operations and his commitment to the needs of Cummins’
customers and other stakeholders make him an outstanding choice for
President and COO,” said Tim Solso, Cummins
Chairman and Chief Executive Officer. “The
Board of Directors and I are extremely pleased to have him assume this
key leadership role.”
Linebarger joined Cummins in 1994 and served in various roles, including
as Managing Director of Cummins Turbo Technologies and Vice President of
the Engine Business’ Supply Chain Management
before being named Chief Financial Officer in 2000 –
a role he held for three years.
Linebarger moved to the position of President of Power Generation in
2003 and quickly helped return that business to profitability. Under his
leadership, the business went from an operating loss of $19 million in
2003 to an operating profit of $334 million in 2007. Today, Power
Generation is at the high end of its sales growth and profit targets and
is expanding its businesses globally.
Along with Power Generation, Linebarger has led Cummins’
corporate strategy and growth planning efforts.
Prior to joining Cummins, Linebarger was an investment manager for the
Prudential Investment Corporation. He has master’s
degrees in business and manufacturing systems engineering from the
Stanford Graduate School of Business. His undergraduate degrees are in
mechanical engineering and economics.
Linebarger is a member of the Board or Directors of Pactiv Corp., a
position he has held since 2005. He is on the Advisory Committee for
Aeon (formerly Central Community Housing Trust Advisory Council) in
Minneapolis and a member of the Heading Home Minnesota Business Task
Force. He is also a sponsor of the Cummins Power Generation Fridley plant’s
community involvement partnerships with Wilder Foundation, Aeon and
CommonBond in Minneapolis.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary
business units that design, manufacture, distribute and service engines
and related technologies, including fuel systems, controls, air
handling, filtration, emission solutions and electrical power generation
systems. Headquartered in Columbus, Indiana, (USA) Cummins serves
customers in approximately 190 countries and territories through a
network of more than 500 company-owned and independent distributor
locations and approximately 5,200 dealer locations. Cummins reported net
income of $739 million on sales of $13.05 billion in 2007. Press
releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements regarding the company’s
expectations, hopes, beliefs and intentions on strategies regarding the
future. It is important to note that the company’s
actual future results could differ materially from those projected in
such forward-looking statements because of a number of factors,
including, but not limited to, general economic, business and financing
conditions, labor relations, governmental action, competitor pricing
activity, expense volatility and other risks detailed from time to time
in Cummins Securities and Exchange Commission filings.
Cummins Inc.
Mark Land, 317-610-2456
Director of Public
Relations
mark.d.land@cummins.com
