Eaton Names Craig Arnold President And COO; CEO Cutler To Retire In May 2016

(RTTNews) - Power management company Eaton Corp. Plc (ETN) on Tuesday named Craig Arnold as president and chief operating officer of the company, effective September 1, 2015.

The company also announced other senior leadership appointments in anticipation of Chairman and Chief Executive Officer Alexander "Sandy" Cutler's retirement at the end of May 2016.

Cutler, who has been Eaton's chairman and CEO since August 2000, will retire on May 31, 2016, having reached Eaton's mandatory CEO retirement age of 65.

Arnold will succeed Cutler as chairman and CEO of Eaton on June 1, 2016. He will also be a member of the company's board of directors, with effect from September 1, 2015.

Arnold, aged 55, has been vice chairman, president and COO of Eaton's Industrial Sector since 2009, with additional leadership responsibility for the Asia Pacific and Latin America regions.

Arnold joined Eaton in 2000 as senior vice president and group executive of the Fluid Power Group. Prior to that, he held multiple senior leadership positions with diversified conglomerate General Electric Co. (GE) in the U.S., Europe and Asia.

Uday Yadav, currently president of Aerospace Group, has been named COO of the Industrial Sector, succeeding Arnold. Yadav's appointment is effective September 1, 2015. He will also have corporate responsibility for the Asia Pacific and Latin America regions.

Further, Eaton's board of directors has appointed Richard Fearon as a member of the board, effective September 1, 2015. He will continue to serve as chief financial and planning officer, a position he has held since 2002, and as vice chairman of Eaton.

In keeping with his long-time personal plans, Thomas Gross, vice chairman, president and COO of the Electrical Sector, will retire from the company on August 31, 2015.

Revathi Advaithi, currently president of Electrical Americas region, will succeed Gross as COO of the Electrical Sector, effective September 1, 2015. She will also have corporate responsibility for the EMEA region.

ETN is trading at $70.49, down $0.40 or 0.56 percent on a volume of 49,026 shares.