Edward D. Stewart And Daniel A. Bergeron Join RBC Bearings Board Of Directors
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international
manufacturer of highly-engineered precision plain, roller and ball
bearings for the industrial, defense and aerospace industries, today
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today announced the appointment of Edward D. Stewart and Daniel A. Bergeron to its Board of Directors effective June 14, 2013. “We are pleased to welcome Ed Stewart to the RBC Board of Directors,” said Chairman, President and Chief Executive Officer, Dr. Michael J. Hartnett. “His years of experience with finance and operations, and service on other publicly-traded companies, will offer a valuable financial expert resource to the Board of Directors, the Audit Committee and me.” “This is an exciting time to join RBC Bearings,” said Mr. Stewart. “I have great respect for this Company and its products and look forward to working with the Board and management team.” Mr. Stewart is the former Chairman of the Board of ATC Technology Corporation and has served on other company Boards and Audit Committees. Mr. Stewart has many years of financial and operational experience with General Electric Company including as Executive Vice President of GE Capital and Chief Financial Officer of a number of other GE businesses. Mr. Stewart is currently a member of the Board of Directors of Nordstrom fsb, a wholly owned subsidiary of Nordstrom, Inc. and a member of its Audit and Investment Committees. Mr. Stewart earned a Bachelor of Arts, Economics degree from Tufts University. “We are also pleased to announce the appointment of Daniel Bergeron to the RBC Board of Directors,” said Dr. Hartnett. “Dan is an accomplished executive with a wealth of knowledge, experience and financial expertise that will serve to further benefit our Board of Directors.” Mr. Bergeron joined RBC Bearings in May, 2003 and has served as the Company’s Vice President and Chief Financial Officer since August 5, 2003. Prior to this, Mr. Bergeron served as Vice President and Chief Financial Officer at several publically-held and private companies. Mr. Bergeron holds a B.S. in Finance from Northeastern University and a M.B.A. from the University of New Haven.
Bank of America upgraded RBC Bearings (ROLL) to "buy" from "neutral" and set a $75 target price. The firm noted aerospace and defense demand remains strong and the worst of the industrial business is likely already behind the company.