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Snap-on names new CEO

Kenosha, Wis.-based Snap-on has named president and COO Nicholas Pinchuk to the post of CEO, replacing Jack Michaels.

Pinchuk, 61, will continue to serve as president, while Michaels, 70, will remain chairman of the board, the company said.

"Nick's leadership as COO reaffirms that he will guide the corporation's continued success," said Michaels.

Pinchuk has been with the company since 2002 and was named president and COO in April.

Snap-on is a global manufacturer and marketer of tools, diagnostics and equipment for professional users.

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