DOWNERS GROVE, Ill. – Dover Corporation (NYSE:), a diversified global manufacturer, today announced a reshuffle of its leadership positions with the appointment of Richard J. Tobin, current President and Chief Executive Officer, as Chairman of the Board of Directors, effective February 10. 2024 Concurrently, Michael F. Johnston, who has served as Chairman since 2016, will assume the role of Lead Independent Director.
Tobin, who has been a member of Dover’s board of directors since 2016 and CEO since 2018, will now serve in a dual role at the company. His appointment as Chairman is seen as a sign of the Council’s confidence in the strategic direction and strength of Dover. Johnston, who has been a director since 2013, will continue to contribute to the management of the company in his new role, providing independent oversight.
The Company’s Corporate Governance Guidelines have been amended to facilitate these changes, in particular to define the responsibilities of the lead independent director, a position which is conditional on the Chairman being non-independent.
With annual revenues exceeding $8 billion, Dover operates in a variety of sectors including engineered products, clean energy and fueling, imaging and identification, pumps and process solutions, and climate and sustainability technologies.
Information in this article is based on a press statement from Dover Corporation.
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