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10/11/2012

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CRAIN’S CLEVELAND BUSINESS

OCTOBER 15 - 21, 2012

RICHARD H. FEARON Eaton Corp. ◆ Cleveland

ichard Fearon is a busy guy. For one, he’s not just CFO at Eaton, a giant manufacturer of products that regulate power. He also provides leadership for all sorts of functions at Eaton, ranging from accounting and information systems to internal auditing and investor relations. He plays a big role in the overall strategic planning process at Eaton. That’s no small task, especially these days: Eaton has acquired 60 companies since he was named executive vice president and chief financial and planning officer in 2002. Mr. Fearon — who moved from executive vice president to vice chairman in January 2009 — has been “a key leader” in those deals, the nomination said. That includes the pending acquisition of electrical equipment supplier Cooper Industries plc of Dublin, Ireland, an $11.8 billion deal that when closed will be the largest acquisition in Eaton’s 101-year history. The two companies had sales totaling $21.5 billion in 2011. He has developed an organization that “functions globally and is capable of handling multiple complex deals simultaneously,” the nomination said. He’s always on the lookout to make sure acquisition targets are up to snuff. “Due to his nearly 30 years of international senior finance and strategic corporate development experience, Rick has been a key adviser to the CEO and Board on key acquisitions that have contributed to Eaton’s global growth,” the nomination said.

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A CLOSER LOOK

BRIAN GORRIS

A CLOSER LOOK

■ ORGANIZATION: Eaton Corp. ■ LOCATION: Cleveland ■ INDUSTRY: Manufacturing ■ EMPLOYEES: 73,000 worldwide ■ 2011 REVENUE: $16 billion

Stripmatic Products Inc. ◆ Cuyahoga Heights

■ ORGANIZATION: Stripmatic Products Inc. ■ LOCATION: Cuyahoga Heights ■ INDUSTRY: Manufacturing ■ EMPLOYEES: 22 ■ 2011 REVENUE: $5 million

“Rick works tirelessly to ensure each deal meets or exceeds all performance metrics,” the nomination continued. Mr. Fearon played a key part in helping Eaton get through the recession. He and the rest of the company’s management team quickly cut costs and re-engineered some business processes when the economy went south, which helped Eaton maintain its profitability. They did so, however, while still investing in research and development, which they considered key to helping the company rebound from the recession. He does a lot of work outside of Eaton, too: He serves on the board of directors at PolyOne Corp. of Avon and for several years has served on the Ohio Third Frontier Commission, which oversees a large economic development program designed to stimulate the state’s economy through investments in technology. In addition to other involvement, he’s on the board of the Cleveland Museum of Art, the PlayhouseSquare Foundation and Hawken School, and he’s chairman of the finance committee on all three of those boards. He also served as co-chairman of the 2007 Pacesetter Committee for the United Way of Greater Cleveland. “While Rick was honored with (CFO of the Year honors) in 2007, his accomplishments since then have continued to be stellar for Eaton, the nomination said. “Rick is a dedicated finance leader who, through his counsel and performance, has earned the respect and confidence of the Eaton Board of Directors and of company senior management.”

rian Gorris knows the meaning of lean operations. Mr. Gorris, CFO of Stripmatic Products in Cuyahoga Heights, a stamper for the automotive industry, has an administrative staff of ½. But you wouldn’t know it. The nearly 50-year veteran of accounting is considered an “unsung hero” at Stripmatic, where he has worked for 13 years. “Brian works tirelessly to make everything, every place, everyone better always,” the nomination said. Even though he is of retirement age, he still arrives daily at work at 6 a.m. and works 10-hour days at the 25-employee company. During his time at Stripmatic, he guided the company through the end of the recession, helping to keep it profitable and gain market share. Then, in July 2011, Mr. Gorris helped the company survive a move forced by involuntary conversion (the state took the company’s property by eminent domain to build a new Inner Belt bridge through downtown). Stripmatic didn’t lose any employees or customers and finished the year in the black. Stripmatic now is experiencing a 25% sales growth in 2012. And, over the years, he has acted as a mentor to Stripmatic’s husband-and-wife ownership team. Yet despite his mastery of this craft, Mr. Gorris remains humble.

“Brian (is) one who promotes and heralds others and not himself, and one who is comfortable to work in the background.” – CFO of the Year Award nomination for Brian Gorris “While his financial, analytical and management skills and business acumen have been clearly demonstrated and documented, what makes Brian Gorris unique in his profession is his selfless and humble nature, one who promotes and heralds others and not himself, and one who is comfortable to work in the background, yet has his hand firmly on the corporate tiller,” the nomination said. In addition to his work responsibilities, Mr. Gorris remains busy elsewhere in the financial world. He serves on the North Olmsted Planning Commission; the Precision Metalforming Association’s audit committee; Clark Consolidating Corp.’s board of directors; Stripmatic’s board of directors; and is his parish’s treasurer. Outside of the office, Mr. Gorris is active in the community. He helps at soup kitchens and homeless shelters; initiated and maintains a charitable fund; is a Eucharistic minister; volunteers at his home parish; runs fundraisers for a parochial grade school; and has coached a number of recreational baseball teams.

CONGRATULATIONS to Da Davey Chief Financial Officer, Executive Vice President and Secretary, David Adante, recipient of the CFO Lifetime Achievement Award. Da Thank you, David, for your financial expertise and dedication throughout the years. Our tree couldn’t grow without leaders like you! We extend additional congratulations to all CFO of the Year nominees. W We would like to thank Crain’s for their leadership role in recognizing ac CFO accomplishments and other initiatives that are beneficial to the Northeast Ohio business community.