Business News

Dresser-Rand Names Ray Carney Vice President, Controller and Chief Accounting Officer

Tuesday 04. November 2008 - Dresser-Rand Group Inc. ("Dresser-Rand") (NYSE:DRC), today announced that Ray Carney has been elected Vice President, Controller and Chief Accounting Officer to succeed Lonnie Arnett, who is retiring.

Carney joined Dresser-Rand in August 2008 as Corporate Controller, and has been working with Lonnie Arnett, Vice President, Controller and Chief Accounting Officer, to transition responsibilities. Carney was most recently with Alcoa, Inc., where he was Group Controller for a $10 billion global division with 27 plants around the world and headquartered in New York City. Prior to his time with Alcoa, he spent 13 years with Ernst & Young, a Big Four public accounting firm, in their Pittsburgh office serving a variety of clients including several that were publicly owned. Carney is a Certified Public Accountant (CPA) with a BS from Penn State University.

“We are pleased to announce Ray’s promotion,” said Mark Baldwin, Dresser-Rand’s Executive Vice President and Chief Financial Officer. “His extensive experience in serving in key financial leadership positions during his career will be very valuable as we continue to execute Dresser-Rand’s strategic plan.”

Mark Baldwin praised Arnett for his significant contributions to Dresser-Rand. Baldwin commented that, “Since joining Dresser-Rand in 2005, Lonnie has done an outstanding job of building and leading our accounting organization through the Company’s IPO, three subsequent secondary offerings, the elimination of our material weaknesses and substantially improving our overall accounting controls and professionalism.” Baldwin went on to say that, “Ray’s background makes him well suited to continue the positive momentum Lonnie has created for our organization.”