GGRAsia – Crane NXT board offers continuity and new outlook: CEO

Crane NXT board offers continuity and new outlook: CEO

Mar 29, 2023 Newsdesk Industry Talk, Latest News

Aaron Saak (pictured), president and chief executive of Crane NXT Co, says the new entity “is beginning its journey as a new public company with an outstanding, highly experienced board of directors and executive team”. Crane NXT will take on the payment and merchandising technologies businesses of Crane Holdings Co.

“Importantly, we will benefit both from continuity in our leadership ranks as well as new perspectives,” Mr Saak was cited as saying in a Tuesday press release.

Crane Holdings announced on Tuesday the members of the board of directors and executive officers for Crane NXT, which is scheduled to become an independent, publicly traded company following its April 3 separation transaction.

Aside from Mr Saak, the executive officers of Crane NXT include: Christina Cristiano, senior vice president and chief financial officer, who moves from Crane Holdings; Paul Igoe, senior vice president, general counsel, and secretary; as well as Jennifer Kartono, senior vice president and chief human resources officer.

Also part of the executive leadership are: Kurt Gallo, senior vice president, who has overseen the group’s Crane Payment Solutions (CPI) and Crane Currency businesses; and Bianca Shardelow, vice president, controller and chief accounting officer, who has served as Crane Holding’s chief audit executive since 2019.

Other key executives are: Kris Salovaara, vice president for business development and strategy; and Paul French, vice president for Crane Business System. The two executives have been with the Crane group since 2011.

Mr Saak, who is also a member of Crane NXT’s board of directors, said in the statement: “We look forward to hitting the ground running as we embark on this exciting new chapter for ourcompany and build on the strong foundation we have in place to deliver long-term growth and value creation for our stakeholders.”

According to the announcement, other members of the firm’s board of directors include Max Mitchell, currently the president and CEO of Crane Holdings; and John Stroup as chairman.

Earlier this month, Crane Holdings said it had signed credit agreements that will provide an aggregate amount of US$1.65 billion in new syndicated revolving credit and term loan facilities. The fresh funds will support the split of the group into two separate entities.

In an investor presentation event in early March, the boss of Crane NXT said the company was aiming to achieve sales of US$1.3 billion this year, with a “high-20s of percent” in terms of adjusted earnings before interest, taxation, depreciation and amortisation margin.