CLEVELAND, May 15, 2017 (GLOBE NEWSWIRE) -- Applied Industrial Technologies (NYSE:AIT) announced today that Mark O.
Eisele, Vice President – Chief Financial Officer & Treasurer, will retire at the end of August 2017 after 26 years of service to
the Company. Eisele joined Applied in 1991, was elected Vice President & Controller in 1997, and has served in his current role
since 2004.
Succeeding Mr. Eisele is David K. Wells, who is joining Applied as Vice President – Finance. They will work
together over the next several months through the Company’s 2017 fiscal year-end reporting and fiscal 2018 planning processes to
ensure a smooth transition of responsibilities, including oversight of financial, treasury and capital management, as well as
internal and external financial reporting and investor relations. Mr. Wells will be elected Vice President – Chief Financial
Officer & Treasurer following the filing of the Company’s fiscal 2017 annual report on Form 10-K at the end of August.
“Mark has been a valued member of our leadership team for many years. His financial management and Company
expertise have been important contributors to Applied’s growth and success,” said Neil A. Schrimsher, President & Chief Executive
Officer for Applied. “We are committed to seamlessly transitioning this key role and wish Mark the very best in his
retirement.”
Mr. Wells joins Applied from Colfax Corporation – ESAB/Fabrication Technologies, a $2.0 billion global
manufacturer of welding and material cutting products, where he served as Vice President & CFO since 2015. His professional career
also includes five years as Vice President & CFO at Apex Tool Group, and extensive industrial experience at both Danaher
Corporation and Cooper Industries in various leadership positions. Mr. Wells holds a Bachelor of Arts degree in business
administration from Grove City College and an MBA from Ashland University.
“We are very pleased to welcome David to Applied,” Schrimsher added. “David’s breadth of experience, coupled
with his financial acumen make him an excellent addition to the Company, and we look forward to his leadership.”
About Applied
Founded in 1923, Applied Industrial Technologies is a leading industrial distributor serving MRO and OEM customers in virtually
every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power
applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance
training and inventory management solutions that provide added value to its customers. For more information, visit www.applied.com.
CONTACT INFORMATION INVESTOR RELATIONS Mark O. Eisele Vice President – Chief Financial Officer & Treasurer 216-426-4417 CORPORATE & MEDIA RELATIONS Julie A. Kho Manager, Public Relations 216-426-4483
