Neale to retire as Modine’s chairman

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Racine-based Modine Manufacturing Company today announced plans for Gary Neale to retire as chairman of its board of directors following the company’s annual meeting of shareholders on July 18.

Neale has been a member of Modine’s board since 1977 and became its chair in 2008 after serving as independent lead director for five years.

In addition, at its regular meeting on May 15, Modine’s board appointed Marsha Williams as independent lead director, effective upon Neale’s retirement. Williams has been a member of Modine’s board since 1999 and is the current chair of its officer nomination and compensation committee.

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Williams retired as senior vice president and chief financial officer of Orbitz Worldwide, an online travel company, in 2010. Prior to joining Orbitz, Williams held senior executive positions at Equity Office Properties Trust, Crate and Barrel, Amoco Corporation, Carson Pirie Scott & Company and The First National Bank of Chicago. She currently serves as a member of the boards of directors of Chicago Bridge & Iron Company N.V., Fifth Third Bancorp and Davis Funds.

“We are extremely grateful to Gary for his many years of service to Modine,” said Thomas Burke, Modine’s president and chief executive officer. “He has served our shareholders very well and has been an effective leader for our board and resource for our management team. We look forward to making further announcements and wishing him well upon his retirement in July. We are also quite pleased with the board’s appointment of Marsha to the independent lead director position and look forward to working with her in this new role.”

The board also approved amendments to Modine’s guidelines on corporate governance to address the specific duties of the independent lead director. 

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