Cummins Inc. (NYSE: CMI) announced today that Robert K. Herdman, Managing Director of Kalorama Partners LLC, a Washington D.C.-based consulting firm, has been elected to the Company’s Board of Directors.
Herdman brings extensive accounting and financial regulatory experience to the Cummins Board. Prior to joining Kalorama Partners, he served as Chief Accountant to the U.S. Securities and Exchange Commission (SEC) from October 2001 to November 2002, where he was the principal advisor to the SEC on accounting and auditing issues.
Before moving to the SEC, Herdman was Vice Chairman of Professional Practices for Ernst and Young’s Assurance and Advisory Business Services practice. He also has held a number of other leadership roles at Ernst and Young during his career.
“Bob’s wealth of business and accounting knowledge and his experience working with financial regulators make him a valuable addition to our Board,” said Cummins Chairman and CEO Tim Solso. “Cummins is committed to complete transparency in its financial reporting, and we are counting on Bob to provide valuable counsel in this and other important areas.”
Herdman becomes the 10th member of the Cummins Board and he will serve on the Audit, Finance and Technology and Environment committees. His term begins immediately and he will stand for re-election at the Company’s annual meeting in May. All Cummins directors are elected annually.
Herdman also is a member of the Board of HBSC Finance Corp. and HBSC North American Holdings, where he chairs the Audit committee. He earned his bachelor’s degree from DePaul University in Chicago in 1969. He and his wife, Marikay, live in Darien, Conn. They have two adult children.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins serves customers in more than 160 countries through its network of 550 Company-owned and independent distributor facilities and more than 5,000 dealer locations. Cummins reported net income of $739 million on sales of $13.05 billion in 2007. Press releases can be found on the Web at www.cummins.com.
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.
Contacts:
Mark Land – Director of
Public Relations, 317-610-2456
mark.d.land@cummins.com
