Cummins Inc. - CMI STOCK NEWS

Cummins Inc. (NYSE: CMI) has appointed Mark Sifferlen as its first Vice President – Chief Risk Officer and leader of Environmental, Social, and Governance (ESG) Strategy, effective February 1. Sifferlen, who previously led the Ethics and Compliance function, brings extensive experience in global risk and compliance programs. Additionally, Schuyla Jeanniton has been named Executive Director, Ethics and Compliance, and will serve as Chief of Staff and Quality Lead for the Chief Administrative Officer organization. Both appointments aim to align Cummins’ ESG strategy with business objectives.

Eaton Cummins Automated Transmission Technologies has unveiled its new Endurant XD series, featuring Endurant XD and XD Pro models designed for high-performance automated transmissions in both on-highway and severe-duty applications. Production will commence in Q3 2022, with truck manufacturers to announce availability later. The series includes advanced technology for efficiency, such as a Precision Lubrication system, offering up to 2% better fuel economy. The XD Pro model supports heavier applications with a maximum torque rating of 2,050 lb.-ft. and includes innovative features for challenging driving conditions.

Cummins Inc. (NYSE: CMI) and Isuzu Motors Limited have announced a partnership to develop a battery electric medium-duty truck prototype for North America, set to launch in 2022. This initiative marks the first zero-emissions solution resulting from the Isuzu Cummins Powertrain Partnership established in May 2019. Cummins will integrate its PowerDrive6000 into Isuzu’s F-Series trucks and pilot the vehicle with major North American fleets. Following successful trials, commercialization opportunities will be explored for electric trucks equipped with Cummins technology.

Cummins Inc. (NYSE: CMI) has appointed Jeff Wiltrout as Vice President of Corporate Strategy, effective immediately, following his interim role since last year. CEO Tom Linebarger expressed confidence in Wiltrout's leadership and experience, noting his success in leading strategy projects. Wiltrout joined Cummins in 2009 and previously held several key positions, including Executive Director of Corporate Development. He holds a bachelor's degree from the University of Notre Dame and an MBA from the Kelley School of Business at Indiana University.

Cummins Inc. (NYSE: CMI) has acquired a 50% equity interest in Momentum Fuel Technologies from Rush Enterprises (NASDAQ: RUSHA & RUSHB). This joint venture aims to produce near-zero emissions natural gas powertrains for the commercial vehicle market in North America. The collaboration will leverage Cummins’ expertise in powertrains and Momentum’s advanced compressed natural gas (CNG) fuel delivery systems. The new initiative is anticipated to drive growth, addressing upcoming regulatory requirements and increasing demand for renewable natural gas (RNG) solutions.

Cummins Inc. (NYSE: CMI) has appointed Chris Clulow as Vice President of Investor Relations and Luther Peters as Vice President of Corporate Controller, effective March 1. Clulow replaces Jack Kienzler and has been with Cummins for 18 years in various leadership roles. Peters, also with 18 years at the company, has a strong background in risk management and internal auditing. CFO Mark Smith expressed confidence in the new leaders' capabilities to drive profitable growth and uphold strong financial controls.

Cummins Inc. (NYSE: CMI) has appointed Bonnie Fetch as Vice President – Global Supply Chain and Manufacturing, effective February 1. Fetch, who has been with Cummins since 2018, previously served as Vice President of the North America Regional Operating Team and Distribution Business Supply Chain Services. Her 30 years of extensive experience includes roles at Caterpillar, where she led global aftermarket parts distribution. This strategic appointment aims to enhance Cummins' supply chain transformation amidst ongoing challenges.

Griffon Corporation (NYSE: GFF) has filed its preliminary proxy statement with the SEC ahead of its Annual Shareholder Meeting on February 17, 2022. The proxy includes six items for consideration, notably the nomination of four new directors aiming for enhanced corporate governance reflecting diversity and industry expertise. Michelle Taylor, nominated for her proficiency in manufacturing, will join a board where 29% will be women and persons of color post-election. Current director William Waldorf will retire. The company plans to implement a declassification of the board and reduce voting power required to call special meetings.

The Board of Directors of Cummins authorized a $2 billion share repurchase program to enhance shareholder returns and demonstrate confidence in the company's future performance. This new buyback program follows the completion of a previous $2 billion initiative, reaffirming Cummins' commitment to delivering value to its investors. The company reported $1.8 billion in earnings on $19.8 billion in sales for 2020, indicating a solid financial footing despite ongoing market challenges.