STAMFORD, Conn. (AP) -- Diversified manufacturer Crane Co. said Monday that CEO Eric Fast will retire in January, and President and Chief Operating Officer Max Mitchell will replace him.
Mitchell, 49, was hired by Crane in 2004. He became its chief operating officer in May 2011 and was named president in January 2013.
Fast joined the company in 1999 as president and chief operating officer and has been its CEO since January 2001.
Mitchell will also replace Fast on the board of directors in January.
Citi Investment Research analyst Matthew McConnell called the news "unsurprising," saying the company had been signaling for some time that Fast would retire as CEO soon and that Mitchell would replace him.
Crane is scheduled to report its first-quarter results after the market closes. Analysts expect the company to report net income of $1.03 per share and $656.6 million in revenue, according to FactSet.
In late morning trading, Crane shares slipped 87 cents to $52.17. The stock has traded between $34.89 and $56.99 in the past 52 weeks.