Fortive Corp. named Mark Morelli president and CEO of the transportation-focused company that it intends to spin off as an independent, publicly traded entity.
Morelli will resign as president, CEO and a director of Columbus McKinnon Corp., effective Jan. 10, 2020, following his appointment at the Fortive spinoff. The motion control products manufacturer named Chairman Richard Fleming as interim CEO, effective with Morelli's resignation, and said its board has begun a process to look for a permanent replacement.
Fortive also named David Naemura as CFO and Karen Francis as chair of the new company, which it expects to fully spin off in the second half of 2020. The C-level positions will take effect in the first quarter of 2020, while Francis will take over as chair right before the business goes public.
Naemura will resign as CFO of Gates Industrial Corporation PLC on Jan. 31, 2020. The engineering company said David Wisniewski, its chief accounting officer, will take over as interim CFO while it conducts a search for a permanent finance chief.