Gear Motions announces retirement of CFO Haines
March 16, 2018
Samuel R. Haines retired from his position as CFO of Gear Motions, Inc. effective the end of 2017, following 44 years of service.
In 1973, Haines was in graduate school and in search of a thesis topic to complete his MBA at Babson College in Wellesley, Massachusetts. His father was in need of a business plan for a bank loan for a small gear manufacturing company that he had acquired a few years earlier. Following graduation, and in the midst of the 1973 ‘oil recession,’ Haines signed on (temporarily) to help work through the newly formed Gear Motions’ first acquisition of Oliver Gear in Buffalo, New York.
Still on ‘temporary assignment’ in 1980, Haines and the family moved to Syracuse, and he assumed management of the recently acquired Nixon Gear as VP/GM. In 1985, he was named president of Gear Motions when his father was diagnosed with pancreatic cancer.
In 2005, in anticipation of his eventual retirement, he began the sale of the company through the establishment of an Employee Stock Ownership Plan (ESOP) and became chairman and CFO. This created a 10-year financial plan for transferring 100 percent ownership of the company to its employees, assured that the company would remain at its current location and viable for many years, and created a phased financial transition for the owners.
Under Haines’ leadership, the company won numerous awards, including the 1999 Donlon Award for Employee Centered Practices, and many customer awards for outstanding performance. He has always been active in the community and industry. He served on the American Gear Manufacturers Association (AGMA) Board of Directors from 1988-2000, and was Chairman of the Board from 1998-1999. He was a member of the AGMA Foundation Board from 1999-2006. In 1993 he received the AGMA’s highest honor, the E.P. Connell Award, and in 1997 The Board of Directors Award.
Locally, Haines has served on the Board of Directors of the Manufacturers Association of Central New York (MACNY) since 1989, chaired the Factory Managers Council from 1985-1988, and was Chairman of the Board from 1995-1997. In 2006, he was recognized for his distinguished service to manufacturing in central New York and named to the MACNY Wall of Fame.
He plans to continue in his role as Chairman of the Board of Directors for Gear Motions until at least the end of 2018.
FOR MORE INFORMATION: www.gearmotions.com