Snap-on names new president
Kenosha-based Snap-on Inc. today announced that Nicholas Pinchuk has been promoted to president and chief operating officer of the company.
Pinchuk most recently was senior vice president and president of Snap-on’s Worldwide Commercial and Industrial Group.
Prior to his promotion, the position of president had been held by Jack Michaels, Snap-on’s chairman and chief executive officer.
Pinchuk will be appointed to the company’s board.
“With the support of our 12,400 associates world-wide, we have made significant progress in improving the financial and operating performance of our company. Today, Snap-on is the clear brand leader in the markets we serve, and our franchisee network is stronger than ever,” Michaels said. “Nick’s appointment capitalizes on the deep management team we have established and will help sustain our positive momentum well into the future.
Snap-on today reported first quarter net earnings of $39.0 million, or 66 cents per share, up from $22.1 million, or 37 cents per share, in the same period a year ago.
The company’s net sales grew 20 percent to $709.7 million.
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