TAGS: vending, vending machine manufacturer, Crane Merchandising Systems, Eric C. Fast, Crane Co., Max H. Mitchell, MEI acquisition, payment systems, POS, Eric Fast retirement
STAMFORD, CT -- Eric C. Fast will retire in January after leading Crane Co. for more than a decade. Fast, who joined the industrial concern as president and chief operating officer in 1999, became chief executive in January 2001. He will be succeeded by Crane's president and chief operating officer, Max H. Mitchell, 49, who joined the company in 2004 as vice-president and became president of its fluid handling segment a year later.
"It has been a privilege to lead Crane for the past 12 years, and I am extremely proud of all that we have accomplished," Fast said. "In 2012, we posted record earnings per share and free cash flow. In 2013, we expect to complete the acquisition of MEI, which will create a third growth platform for the company, and we anticipate a third-consecutive year of record earnings performance. Importantly, our stock price reached an all-time high in the first quarter of 2013."
Fast will remain on crane's board until January 2014, at which time he'll be replaced by Mitchell.