DALTON, MA -- Crane & Co., the sole supplier of cotton-based paper for U.S. banknotes, has named Stephen P. DeFalco its chief executive, marking only the third time in the company's 210-year history that it has hired a CEO from outside the Crane family.
The new chief executive succeeds Charles Kittredge, a sixth-generation Crane family member. DelFalco was previously president and chief executive of MDS Inc., a publically traded global life sciences company based in Toronto.
Founded in 1801 by Zenas Crane, Crane & Co. is said to be the 20th oldest family-owned business in the U.S. It is the sixth-largest employer in Massachusetts's Berkshire County, with 876 staff members. The paper company, which also has operations in Sweden, employs 1,365 worldwide.
Kittredge will remain with Crane as the company's chairman. Press outlets close to the company reported that it's unusual for Crane & Co. to hire a chief executive from outside the family. Kittredge, who had been CEO since 2002, said the company has operated with a separate chief executive and chairmen several times in the past. Under DelFalco, the company's main goal will be global expansion.
Crane & Co., which has been supplying U.S. currency paper since 1879, has been a central figure in the dollar coin vs. dollar banknote debate. | SEE STORY