East Hills, NY (August 31, 2007) - - Pall Corporation (NYSE: PLL) announced that its Board of Directors elected Cheryl W. Grisé to the Company's Board of Directors effective August 21, 2007. The election accompanied the Board's vote to amend the Company's bylaws to increase the number of Directors to twelve from eleven.
Eric Krasnoff, Chairman and CEO of Pall Corporation, said, "Cheryl is an accomplished leader who combines substantial executive and board-level experience. Her addition underscores the Board's commitment to driving excellence in every aspect of Pall's business. We are very pleased to welcome her to our Board and look forward to her immediate contributions."
Ms. Grisé, 55, was President, Utility Group, for Northeast Utilities (NYSE:NU) from 2001 until her retirement in June 2007, concluding a 27-year career at New England's largest energy delivery system. As chief executive of Northeast Utility's primary operating division, she had operating responsibility for electric and gas businesses which combined serve two million customers and generate revenue of $4.2 billion: The Connecticut Light and Power Company, Public Service Company of New Hampshire, Western Massachusetts Electric Company and Yankee Gas Company.
Prior to being named President of the Utility Group, Ms. Grisé was the Senior Vice President, Secretary and General Counsel, responsible for legal, claims and insurance, environmental, health, safety and ethics. Ms. Grisé joined Northeast Utilities in 1980 as Counsel and Assistant Secretary, was promoted to Vice President Human Resources in 1992, and in 1994, was named Senior Vice President and Chief Administrative Officer responsible for human resources, information technology, corporate communications, internal audit, environmental, safety, health, ethics, purchasing, general services and security. Ms. Grisé started her professional career in 1979 with Hartford Insurance Group as an Attorney.
Ms. Grisé received a B.A. degree from the University of North Carolina at Chapel Hill and a J.D. degree from Thomas Jefferson School of Law in San Diego, California. She has also completed the Yale University School of Organization & Management's Executive Management Program.
Ms. Grisé currently serves on the Board of Directors of MetLife, Inc. and Dana Corporation. She also serves as Chair of the Board of the University of Connecticut Foundation and as a member of the Board of the Kingswood-Oxford School. Ms. Grisé is a member of the California State Bar Association.
About Pall Corporation
Pall Corporation is the global leader in the rapidly growing field of filtration, separation and purification. Pall is organized into two businesses: Life Sciences and Industrial. These businesses provide leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceutical, transfusion medicine, energy, electronics, municipal and industrial water purification, aerospace, transportation and broad industrial markets. Total revenues for fiscal year 2006 were $2.0 billion. The Company's headquarters are in East Hills, New York, with extensive operations throughout the world. For more information visit Pall at http://www.pall.com/.
Forward-looking statements contained in this and other written and oral reports are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. All statements regarding future performance, earnings projections, earnings guidance, events or developments are forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in product mix and product pricing particularly as we expand our systems business in which we experience significantly longer sales cycles and less predictable revenue with no certainty of future revenue streams from related consumable product offerings and services; increases in costs of manufacturing and operating costs including energy and raw materials; the Company's ability to achieve the savings anticipated from cost reduction and margin improvement initiatives including the timing of completion of the facilities rationalization initiative; fluctuations in foreign currency exchange rates and interest rates; regulatory approval and market acceptance of new technologies; changes in business relationships with key customers and suppliers including delays or cancellations in shipments; success in enforcing patents and protecting proprietary products and manufacturing techniques; successful completion or integration of acquisitions; domestic and international competition in the Company's global markets; risks arising from potential material weaknesses in our control environment; potential adverse effects to our financial condition, results of operations or prospects as a result of any restatement of prior period financial statements; risks associated with our inability to satisfy covenants under our syndicated credit facility or to obtain waivers of compliance with those covenants or waivers of defaults under our debt and other agreements; potential adverse effects if we are required to recognize adverse tax- or accounting-related developments other than those previously disclosed; risks relating to litigation or regulatory inquiries associated with the restatement of prior period financial statements or other related matters; and global and regional economic conditions and legislative, regulatory and political developments. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them.
Note to Editors: In the name Cheryl Grise, there is an accent over the second letter "e".