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John Stropki Appointed President and Chief Executive Officer at Lincoln Electric
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01/16/2005
CLEVELAND, June 3 -- Lincoln Electric Holdings,Inc. (Nasdaq: LECO) today announced that John M. Stropki, Jr., has been elected President and Chief Executive Officer of the Company, effective immediately, succeeding Anthony A. Massaro, who held the position for eight years. Mr. Massaro had previously announced his intention to retire and has agreed to remain as Chairman for an interim period to ensure a seamless and successful transition. Mr. Stropki is only the seventh CEO in Lincoln Electric's 109-year existence.
In making the announcement, Mr. Massaro said: "I can't think of a better individual to take this Company into the future than John Stropki. He has done an outstanding job in leading our North American operations, and, more recently, in taking on our global markets through his role as Chief Operating Officer. John's energy, drive and commitment guarantee that he will be a tireless advocate for our customers, our shareholders and our employees. All of this can only enhance our position as the worldwide leader in the arc welding industry."
Mr. Stropki, who began work in Lincoln Electric's Cleveland factory 35 years ago while attending college, initially rose through the Company's sales organization. He was named Executive Vice President and President, North America in 1996, taking on a much broader role in both sales and operations for both the U.S. and Canada. He was elected to the Board of Directors in 1998 and, last year, became Chief Operating Officer, responsible for North America, Latin America, Europe and Russia, Africa and the Middle East. Mr. Stropki earned a bachelor's degree in industrial engineering from Purdue University and an MBA degree from Indiana University.
He was selected after a thorough evaluation process, conducted by a special search committee of the Board of Directors. "The Board recognizes that the selection of effective senior management is one of its primary responsibilities," explained Harold L. Adams, former Chairman and Chief Executive Officer of RTKL Associates Inc., who chaired the committee. "Therefore, we established a robust review process, examining internal as well as external candidates."
"Tony Massaro has provided exceptional leadership to Lincoln Electric over the last 11 years," Mr. Adams said. "Ultimately, we needed to select a person who could continue and build upon the excellent work of Tony and his team. The Board felt that John, with his knowledge of the Company's past and his vision for Lincoln's future, was the ideal successor."
Mr. Stropki is an honorary member of the American Welding Society, serves on the Manufacturers Alliance/MAPI Presidents Council and is a member of the Gas and Welding Distributors Association. He is on the Board of Governors of the National Electrical Manufacturers Association and has served on the boards of the Greater Cleveland Growth Association and the Great Lakes Science Center. He is active in the American Lung Association and Juvenile Diabetes Research Foundation.
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment. Headquartered in Cleveland, Ohio, Lincoln has operations, manufacturing alliances and joint ventures in 18 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric, its products and services, visit the Company's Web site at http://www.lincolnelectric.com .
