Cummins Inc. Announces Appointment of New Senior Leaders; New CFO, Head of Power Generation Business Named

Business Wire, Dec 17, 2002

Business Editors

COLUMBUS, Ind.--(BUSINESS WIRE)--Dec. 17, 2002

Cummins Inc. today announced the appointments of the following senior staff to key positions within the company:

-- Jean Blackwell, Vice President, Cummins Business Services, will assume the responsibilities of Chief Financial Officer and Chief of Staff. Blackwell, who joined Cummins in 1997, formerly served as Indiana State Budget Director, where she managed a $25 billion biennial state budget.

-- Tom Linebarger, Vice President and Chief Financial Officer since 2000, will become President of the Cummins Power Generation Business, succeeding Jack K. Edwards, who will retire in June after a 30-year career with the company. Linebarger has been with Cummins eight years.

-- Susan K. Carter, Cummins Vice President and Controller, will become Vice President of Finance and Chief Accounting Officer, responsible for control, auditing, tax and risk management functions, as well as various finance groups serving the Cummins administrative areas. She joined Cummins in March, after serving as Vice President and CFO of Honeywell, Inc.'s Transportation and Power Systems.

The changes will take effect February 1, 2003, with a continued transition for a period thereafter.

"In the Cummins tradition of providing broad experiences for our talented people, we are pleased to offer these outstanding executives new and exciting opportunities," said Tim Solso, Cummins Chairman and CEO. "While these are challenging positions, we are confident that all three have the background and expertise to make seamless transitions."

Blackwell was selected for the position of Chief Financial Officer, Solso said, "because she has a proven track record with the company, has strong leadership skills, understands our business and is well versed in monetary matters based on her experience overseeing the financial strategy for the state of Indiana.

"The Board has great confidence in her abilities," he added.

Solso said the move is a positive one for Linebarger and a vote of confidence in his abilities and proven leadership: "This new position will continue to broaden the experiences of Tom Linebarger. As Cummins CFO, Tom has done an outstanding job managing the financial complexities of a global family of businesses. He also did an excellent job managing our Holset Engineering and Supply Chain operations," he added.

Solso also said that Cummins is very optimistic about the future prospects of the Power Generation Business, which, under Jack Edwards' leadership, has already taken steps to position itself for the future.

Although Carter has been with the company only a short time, Solso said she has made a significant contribution in her role as Controller. "Susan has done a tremendous job for us, and has proven that she can handle the additional responsibilities we are giving her in the Finance organization. She has also played a critical role in helping us strengthen our controls and governance processes in support of the new requirements of the Sarbanes-Oxley Act."

He noted that Cummins will miss the "enthusiasm and dedication of Jack Edwards. He is a remarkable individual, a great humanitarian and a close personal friend. Jack was the main architect and builder of our current international business. He led our Power Generation Business during its restructuring and created the framework that will make this business a growth engine for our company."

Edwards, 58, joined Cummins in 1972 after serving as Regional Director of Peace Corps Columbia. He was named President, Cummins Brazil, S. A. in 1986 and became Vice President, International in 1989. He has served as Executive Vice President and President of the Power Generation Business since April 1996.

Blackwell, 48, has a degree in economics from the College of William and Mary and was graduated cum laude from the University of Michigan Law School. She has been a partner in the Indianapolis law firm of Bose McKinney & Evans, where she practiced in the area of financial and real estate transactions. She was Executive Director of the Indiana State Lottery Commission. She has served on numerous state and national boards, including the Governor's Committee on Welfare Property Tax Reform and as Chair of Indiana's Intelenet Commission and State Ethics Commission. She has served as Vice President and General Counsel at Cummins and Vice President of Human Resources.

Linebarger, 39, was as an Investment Manager for Prudential Investment Corporation before joining Cummins in 1994. After serving in a variety of positions at the company, he was named Managing Director, Holset Engineering Company in 1997 and Vice President, Supply Chain Management in 1998. He was promoted to Vice President and Chief Financial Officer two years ago. He has an MBA from the Stanford Graduate School of Business and undergraduate degrees in mechanical engineering from Stanford University and in economics from Claremont McKenna College.

Carter, 44, came to Cummins from Honeywell where she held several financial positions within Aerospace and Transportation and Power Systems. Carter has also held Controller and Audit positions in Crane Company's Valve Group and DeKalb Corporation. She has a degree in accounting from Indiana University and an MBA from Northern Illinois University. She is also a Certified Public Accountant.