Furthermore, Michael F. Johnston, the current chairman of the Board, has been designated as the lead independent director by the independent directors of the Board. The dates of both appointments are February 10, 2024. Since 2016, Mr. Tobin has held the positions of president and chief executive officer in addition to director. Mr. Johnston has been a director since 2013 and the chairman of the board since 2016.
According to Mr. Johnston, the Board’s decision to name Rich as Chairman shows how confident they are in Dover’s capabilities and strategic orientation. The nomination of Rich as Chairman would facilitate even more efficient decision-making and company plan execution. As a board, we’re excited to collaborate with Rich in his new position to keep creating long-term value for our investors.
Mr. Tobin stated that he was grateful to Mike for his numerous accomplishments as Chairman and that it was an honor to be named Dover’s next Chairman. He also thanked the Board for its support. I appreciate his leadership and am eager to collaborate with him going ahead in his role as Lead Independent Director.
The Board revised the Company’s Corporate Governance Guidelines in relation to these appointments, defining the responsibilities of the Lead Independent Director and requiring one in cases where the Chairman lacks independence.
Dover is a multifaceted, international manufacturer and solutions provider with more than $8 billion in sales per year. Through our five operating segments—Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies—we provide cutting-edge machinery and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. Dover leads the markets it serves by fusing operational agility with a global reach. Our team of more than 25,000 workers, who have been recognized for our entrepreneurial approach for more than 65 years, collaborates with clients to reimagine what’s possible while adopting an ownership perspective. Dover, which has its headquarters in Downers Grove, Illinois, is listed as DOV on the New York Stock Exchange.
