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January 1, 2008
Employee Owned Holdings
Inc. President and CEO to Retire
Anthony J McGarvey, a 28 year company
veteran, has retired, leaving Richard Neels to be his successor.
Houston, Texas. January 4, 2008. On December
31, 2007, Employee Owned Holdings Inc. announced the retirement
of President and CEO Anthony (Tony) J. McGarvey.
A
member of the company for 28 years, Tony started with Hydraquip
in 1979, was promoted to Sales Manager in 1982, and then
to vice president in 1984. In 1989 he was promoted to company
President. During his tenure as President, Tony guided the
company through many major milestones, most notably the
implementation of a 100% ESOP in 1998. Additionally, Tony
oversaw a defining company transformation when on January
1, 2007 Hydraquip was split into three separate entities:
Employee Owned Holdings, Inc., Hydraquip Distribution, and
Hydraquip Custom Systems. This allowed for each entity to
focus on their core competencies, and better serve their
customers. A true forward-thinking leader, Tony’s
steady guidance has been instrumental in establishing Hydraquip
as one of the leading Fluid Power Distributors in Texas,
Louisiana, and Oklahoma.
Richard
Neels, President of Hydraquip Distribution, was named to
take over as CEO and President of Employee Owned Holdings,
Inc. on January 1, 2008.
“I
am grateful to have spent these past 28 years with this
great company, and am deeply honored to have had the opportunity
to lead it for the last 18 years” McGarvey said in
a statement. “Richard has been preparing for his new
role as my successor for several years, and 2008 is the
right time for him to assume his place as the leader of
the companies.”
Neels started with Hydraquip in 1976, and has since served
in virtually every capacity within the company. His tenure
has been filled with sales, systems, repair and purchasing
experience; and his product knowledge and leadership skills
have proven to be invaluable. In 1991, Richard became Sales
Manager, and in 1993 was promoted to Vice President of Sales
and Marketing. In January of 2007, when the company split
into three entities, Neels became President of Hydraquip
Distribution Inc.
“I
am excited about this opportunity, and it is my desire to
sustain the profitable growth that we have experienced over
the years and to continue to be an enjoyable place of employment
for all of our owners” commented Neels. “The
company is in a position of real strength right now - we’re
doing well financially, and our people are passionate and
dedicated, so it’s definitely going to be fun!”
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