Kenosha-based Snap-on Inc. has expanded its board of directors, adding Curtiss-Wright Corp. chief executive officer and chairman David C. Adams, for a total of 10 directors.
North Carolina-based Curtiss-Wright is a global provider of highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Adams has served as the company’s chairman since 2015 and chief executive officer since 2013.
While Snap-on is known for its franchise vans and tools used in auto repair shops, the company sees extending its products to industries including, aerospace, oil and gas, defense, mining, railroad, power generation and manufacturing as an opportunity for growth. The commercial and industrial segment currently accounts for roughly one-third of revenue and had $1.2 billion in net sales in 2015.
Adams’ term will run through the 2017 annual meeting and he will be subject to annual election after that. He will join the board’s corporate governance and nominating committee and will receive the same compensation as other non-employee directors. In 2015, that included an $85,000 retainer. Adams will receive a prorated restricted stock award of $87,973.
