Dover Corporation Announces Stock Repurchase Plans; Elects T.L. Reece -President & CEO- To Additional Post Of Chairman
NEW YORK--(BUSINESS WIRE)--May 12, 1999--Dover Corporation (NYSE-DOV) announced today that its Board of Directors has cancelled the remaining portion of its August, 1992 share repurchase authorization.
Dover had repurchased about 23 million shares of the original (split adjusted) authorization of 24 million shares, including more than 10 million within the past year.
Dover's Board authorized a new repurchase program for up to 20 million shares, but did not specify a time frame or price range for implementation. It has been Dover's practice since 1984 to maintain an "open authorization" well in excess of its immediate repurchase plans.
The Dover Board also elected Richard Lochridge (former partner in The Boston Consulting Group and principal of Lochridge Associates) to the Dover Board. Thomas L. Reece, President and Chief Executive Officer, was also named Chairman, replacing Gary L. Roubos who continues as a Board Member.
John F. McNiff