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|Grainger Shareholders Elect Directors; Other Shareholder Meeting Highlights|
CHICAGO, April 26 /PRNewswire-FirstCall/ -- At the 39th Annual Meeting of W.W. Grainger, Inc., the company's shareholders elected thirteen directors to the board. Standing for election for the first time were V. Ann Hailey, Executive Vice President of Limited Brands, Inc., Stuart L. Levenick, Group President of Caterpillar Inc. and Michael J. Roberts, President and Chief Operating Officer of McDonald's Corporation.
The directors for 2006-2007 are: Brian P. Anderson Richard L. Keyser Gary L. Rogers Retired Chief Financial Chairman of the Board Former Vice Chairman Officer and General Electric OfficeMax Incorporated Chief Executive Officer Company and W.W. Grainger, Inc. Baxter International, Inc. Wilbur H. Gantz Stuart L. Levenick James D. Slavik Executive Chairman Group President Chairman Ovation Pharmaceuticals, Caterpillar Inc. Mark IV Capital, Inc. Inc. David W. Grainger John W. McCarter, Jr. Harold B. Smith Senior Chairman of the President and Chairman of the Board Chief Executive Officer Executive Committee W.W. Grainger, Inc. The Field Museum of Illinois Tool Works Natural History Inc. V. Ann Hailey Neil S. Novich Executive Vice President Chairman, President and Limited Brands, Inc. Chief Executive Officer Ryerson Inc. William K. Hall Michael J. Roberts Co-founder and Chairman President and Chief Procyon Technologies, Inc. Operating Officer McDonald's Corporation
Shareholders also ratified the appointment of Ernst & Young LLP as independent auditors for the year ending December 31, 2006.
Richard L. Keyser, Grainger's Chairman and Chief Executive Officer, provided an update at the meeting on the company's key initiatives, including progress on the SAP implementation, market expansion and product line expansion. In his address, Mr. Keyser reiterated the company's projected earnings per share guidance of $4.00 to $4.15 for 2006. The text and slides from this presentation are available on the Investor Relations section of the company's Web site, http://www.grainger.com/investor .
W.W. Grainger, Inc. (NYSE: GWW), with 2005 sales of $5.5 billion, is the leading broad line supplier of facilities maintenance products serving businesses and institutions throughout North America. Through a highly integrated network including nearly 600 branches, 18 distribution centers and multiple Web sites, Grainger's employees help customers get the job done, saving them time and money by having the right products to keep their facilities running.
This document contains forward-looking statements under the federal securities laws. The forward-looking statements relate to the company's expected future financial results and business plans, strategies and objectives and are not historical facts. They are generally identified by qualifiers such as "estimated," "expectations," "projected," "earnings per share guidance" or similar expressions. There are risks and uncertainties the outcome of which could cause the company's results to differ materially from what is projected. The forward-looking statements should be read in conjunction with the company's most recent annual report, as well as the company's Form 10-K and other reports filed with the Securities & Exchange Commission, containing a discussion of the company's business and of various factors that may affect it.
Robb M. Kristopher