Dover has announced today that following a 35-year career, including a successful nine-year tenure as its President and Chief Executive Officer, Robert A. Livingston will retire on April 30, 2018. Dover also announced that Richard J. Tobin, will become Dover's President and Chief Executive Officer, effective May 1, 2018.
Mr. Tobin has more than 30 years of experience in international management and finance, acquired through global leadership roles. He served as Chief Executive Officer and a member of the Board of Directors of CNH Industrial N.V., a global manufacturer of agricultural and construction equipment, trucks, commercial vehicles, buses, specialty vehicles and powertrain applications, from 2013 to 2018. Prior to joining CNH, Mr. Tobin was with SGS Group of Geneva, Switzerland, most recently serving as Chief Finance Officer & Head of Information Technology.
"Rich's appointment and the orderly transition announced today are the culmination of a succession plan that the Board of Directors has been engaged in for the past several years," said Michael F. Johnston, Chairman of Dover's Board of Directors. "Bob and the Board believe this is the appropriate time for a transition given the anticipated early May completion of the Apergy spin. We have been impressed by Rich's contributions to the Board and are confident that he is the right leader to guide Dover through the next phase of its evolution. His extensive experience as a public company CEO leading complex global industrial businesses and his expertise in finance and technology make him the ideal candidate to lead Dover."
Mr. Tobin stated, "I am honored to lead this great company and eager to begin expanding upon the excellent foundation built by Bob. I believe Dover's portfolio of companies has sustainable growth opportunities and margin improvement potential, as well as broad-based organic and inorganic investment opportunities. I look forward to working with our talented and dedicated team to help Dover continue to grow and prosper."
Mr. Johnston continued, "In his 35 years at Dover, Bob created an incredible legacy, and we are thankful for his outstanding leadership during his entire tenure. As CEO, Bob significantly improved Dover, refining its portfolio and introducing standard processes, while expanding the Company's product breadth and geographic reach. Under Bob's leadership, Dover became a stronger and more focused company, and now consists of businesses with talented leadership, strong market positions and leading technologies. The Board looks forward to working with Bob, Rich and the rest of the team over the next few months to ensure a smooth and successful transition."
Mr. Livingston said, "It has been a privilege to lead Dover for the past nine years and a pleasure to have worked with so many talented colleagues during my 35 years at the company. I am proud of all that we have accomplished as a team. I'm delighted that Rich Tobin has been appointed to succeed me and share the Board's confidence that Dover will continue to flourish under his leadership." PetrolWorld 200318