Veterans reached mandatory retirement age for board
Donaldson Co. Inc. said that two veteran members of its board of directors have retired.
Jack Eugster, 66, and John Grundhofer, 73, stepped down after the Bloomington-based company's Nov. 16 board meeting, but the news was just released Thursday.
Both men were ineligible to stand for reelection this year because they had reached the board's mandatory retirement age.
Eugster is the retired chairman, president and CEO of the Musicland Group, and Grundhofer is the retired chairman and CEO of U.S. Bancorp.
"Jack Eugster joined the Board in 1993 and John Grundhofer joined in 1997 and both have continuously served with distinction," Donaldson CEO Bill Cook said in a statement. "They have provided strong leadership and guidance to me and the rest of our board, reinforced by insights they gained as chairmen and CEOs of the companies they led, and from their service on other boards. Donaldson's board, employees, and shareholders have greatly benefitted from their loyal support, wise counsel, and many contributions made to the growth and success of our company."
John Wiehoff, a board member since 2003, replaces Eugster as the chair of the Audit Committee. Wiehoff, 53, is chairman and CEO of C.H. Robinson Worldwide Inc.
Janet Dolan, a board member since 1996, replaces Grundhofer as chair of the Corporate Governance Committee. Dolan, 62, is president of Act 3 Enterprises LLC and is the retired CEO and president of Tennant Co.
In November, Donaldson, which makes filtration systems, said slowing demand for its products in the first quarter led to a 3-percent decrease in sales. It also reported a 21-percent decrease in net earnings and a 20-percent drop in earnings per share during the quarter.
Janet Moore 612-673-7752