COLUMBUS, Ind. - Cummins Inc. (NYSE: CMI), the global power solutions leader, recently announced the appointment of John H. Stone to its Board of Directors. Stone brings valuable expertise in the industry, with a proven track record of spearheading strategic initiatives and driving technology-led growth and expansion. This addition to the board will further support Cummins Inc. as it continues to execute its growth strategy and assumes a leadership role in the energy transition.
Jennifer Rumsey, Chair and CEO of Cummins Inc., expressed her excitement about Stone joining the board. She recognized his deep industry knowledge and highlighted how his expertise would benefit the company’s future endeavors. As Cummins Inc. achieved a remarkable return on average invested assets (ROI) of 19.08% during the third quarter of 2023, surpassing its own average return on investment of 14.75%, Stone’s appointment is viewed as a strategic move that will aid in sustaining this impressive performance.
This recent development follows another positive move by Cummins Inc. On October 10, 2023, the company boosted shareholder confidence by declaring a quarterly common stock cash dividend of $1.68 per share. The dividend, scheduled to be paid on December 7, 2023, demonstrates Cummins Inc.’s commitment to providing returns to its shareholders. This news further solidifies the company’s dedication to delivering value and enhancing shareholder trust.
Cummins Inc. known for its diverse business segments, specializes in designing, manufacturing, distributing, and servicing a wide range of power solutions. Its comprehensive product portfolio includes diesel, natural gas, and electric power solutions. With this extensive range, Cummins Inc. has built a strong position in the industry and contributed significantly to advancements in power technology.
In summary, the election of John H. Stone to the Cummins Inc. Board of Directors confirms the company’s commitment to strategic growth and technology-led initiatives. With Stone’s expertise, Cummins Inc. is well-equipped to continue leading the industry through the energy transition. Combined with the declaration of a quarterly dividend, Cummins Inc. demonstrates its unwavering dedication to its shareholders and solidifies its position as a global power leader.
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