IS200ISBBG2AAB Emerson CEO David Fan is stepping down

February 5, 2021 Emerson, the global technology and industrial software leader, today announced that its Chief Executive Officer, David N. Farr, will retire effective February 5, 2021. Lal Karsanbhai, currently Executive President of Emerson Automation Solutions Platforms, will take over as Emerson's new CEO and join the board. Lal Karsanbhai has been the leader of the Automation Solutions business since 2018, where he has led the strong growth of the business and continued to enhance the strength of the company's software and digital transformation business.

David Fan was appointed CEO of Emerson in 2000 and chairman of the board since 2004. He will step down as chairman on May 4, 2021. During his more than 20 years at the helm of a global company with annual sales of $16.8 billion, David has led Emerson through a number of strategic changes that have expanded the company's global footprint, enabled Emerson to stay ahead of changing market conditions, and significantly enhanced Emerson's strength and competitiveness globally. Clemens A.H. Boersig, lead independent Director of Emerson's Board of Directors, said: "David is an exceptional leader who has guided Emerson through many difficult times, including 9/11, the dot-com bubble, the Great global recession and the current global COVID-19 pandemic, with his unwavering belief and belief in Emerson. Emerson has a long history of strong leaders in the CEO's office, and David Pham is only the third CEO in the last 66 years. We wish him all the best in his retirement and are grateful for his professional insights as he continues to serve as chairman in the coming months."

Under David's leadership, Emerson has transformed itself from a component maker to a leader in industrial software, with nearly 85,000 employees working toward a unified purpose: Emerson drives innovation to make the world healthier, safer, smarter and more sustainable. David has built upon the company's long history of management systems and processes, making Emerson one of the few companies to achieve 64 consecutive years of dividend per share growth.

In addition, Fan Dawei has actively exerted his leadership and influence in promoting the development of the manufacturing industry. He served as President of the National Association of Manufacturers from 2017 to 2019, advocating for and driving a number of initiatives that benefit the industry. He is also a member of the Board of Directors of the US-China Business Council and has been a member of the board of directors of International Business Machines Corporation (IBM) since 2012. Mr. Pham and his wife have made significant contributions to The St. Louis community, and he currently serves on the board of Trustees of The Muny at Forest Park. He also serves on the boards of numerous non-profit and educational organizations, including the United Way of Greater St. Louis, and is an active supporter of Forest Park Forever.

David Fan joined Emerson Corporate headquarters in 1981. He then held a series of senior management positions at head office and various business units. In 1993, he became President of Emerson Asia Pacific and was based in Hong Kong for four years. In 1997, he returned to the United States to take full responsibility for the process control business. In 1999, David served as the company's Chief Operating Officer until his appointment as Chief Executive Officer.

"Lal Karsanbhai has been with Emerson for 25 years, and I've had the opportunity to work alongside him during that time and watch him grow into an experienced leader. He continues to refine his strengths and skills, and has developed a deep understanding of Emerson's two businesses and the markets he serves, "said Mr. Fan." The Board has been closely involved in our five-year succession process, and we are confident that Lal Karsanbhai is well positioned to lead Emerson to continued success."

Lal Karsanbhai is currently a member of Emerson's Office of the CEO, where he led Emerson Automation Solutions to $11.2 billion in global sales in 2020. Emerson Automation Solutions provides advanced technologies, software and services for processing, discrete and blended businesses in the life sciences, power, energy, food and beverage, water and wastewater industries.