Dresser, Inc. announced that effective May 1, 2004 Chief Executive Officer Patrick M. Murray will retire as an employee and become chairman of the board of directors of Dresser, Inc. Steven G. Lamb, who will remain president and a member of the board of directors, will become CEO of Dresser effective that day, completing the succession plan which began in October 2002. William E. Macaulay, Dresser's present chairman of the board, will step down from that post and remain on the board of directors. The Company's 2003 Annual Report on Form 10-K filed today with the Securities and Exchange Commission contains more details on the planned succession.
"I'd like to thank Pat Murray for his contributions as the first CEO of Dresser, Inc.," said Macaulay. "His leadership was critical through the formation, launch and development of the Company, and I look forward to his continuing contributions as chairman of the board."
Continued Macaulay, "We are fortunate to have a strong leader in Steve Lamb ready to make an orderly transition in management of the Company. Both Steve and Pat will have important roles as we continue the transformation of Dresser."