Cummins Distribution Business President Tracy Embree to Depart the Company

Rhea-AI Summary

Cummins Inc. announces Tracy Embree's departure as President of the Distribution Business, Tony Satterthwaite to serve as interim leader.

Positive

• Record sales and EBITDA achieved by the Distribution Business under Embree's leadership.
• Tony Satterthwaite's previous experience as leader of the Distribution Business ensures continuity and strong results.

Negative

• None.

Tony Satterthwaite to Serve as Interim Leader of the Distribution Business

COLUMBUS, Ind.--(BUSINESS WIRE)-- Today, Cummins Inc. (NYSE: CMI) announced that Tracy Embree, Cummins Vice President and President of the Distribution Business, is leaving Cummins on September 8 to pursue an external opportunity. Tracy served in a variety of leadership roles during her distinguished 23-year career at Cummins.

“Tracy has had a tremendous impact on people and our business during her career at Cummins,” said Jennifer Rumsey, Cummins Inc. Chair and CEO. “She is a role model for our leadership culture and how you invest in people and teams to enable both to grow and develop. She has coached and mentored numerous employees and been a leader in our leadership development programs. The results of that investment in people and her focus on delivering results have made her an effective business leader. She has grown the businesses she has been a part of and delivered outstanding results. I wish my friend and colleague all the best in both her professional and personal endeavors.”

Embree has led the Cummins Distribution Business since 2019. Over that time, the business delivered record sales and EBITDA; recentered its strategy around delivering a differentiated customer experience; improved employee and leadership development; and executed its technology roadmap to support the business strategy.

From 2014 to 2019, Embree led the Components Business during a particularly significant time for the growth of that segment. Under her leadership, the business achieved record sales and profitability and expanded its product line to include transmissions. Embree also helped to increase market share around the world in core business areas and develop key technologies to ensure Cummins engines and its customers would meet the increasingly challenging global emissions standards.

Embree held other key leadership roles during her career including president of the Turbo Technologies Business, executive director of the Global Midrange On-Highway Engine Business, and executive director of Cummins’ Chrysler Business.

Upon Embree’s departure, Cummins Senior Vice President Tony Satterthwaite will serve as interim leader of the Distribution Business, which he previously led from 2015-2019. Satterthwaite has been with Cummins since 1988 and over the course of his 35-year Cummins career, he has served in a variety of leadership roles including President and Chief Operating Officer, President of the Distribution Business, Power Generation Business and a number of other global leadership roles.

“I am delighted Tony will serve as interim leader of the Distribution Business,” said Rumsey. “He successfully and effectively led the Distribution Business before and has the experience to ensure the business continues to deliver strong results. Tony will continue to serve in his broader role as Senior Vice President and be a key leader and partner to me in evolving Cummins for the future. I am grateful for Tony’s continued leadership – he understands our customers, is a great leader of people and has delivered excellent results in every role he’s served over the course of his career.”

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, electric powertrains, hydrogen production and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 73,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.2 billion on sales of $28.1 billion in 2022. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

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 our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our 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: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; evolving environmental and climate change legislation and regulatory initiatives; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc.; raw material, transportation and labor price fluctuations and supply shortages; any adverse effects of the conflict between Russia and Ukraine and the global response (including government bans or restrictions on doing business in Russia); aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas (GHG) regulations or other legislation designed to address climate change; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2022 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230829042692/en/

Jon Mills

Director, External Communications

317-658-4540

Jon.mills@cummins.com

Source: Cummins Inc.