Snap-On Inc. has told a news agency its chairman, president and chief executive officer, Dale Elliott, has resigned with immediate effect. It gave no further details but reaffirmed its profit outlook for 2004.

Reuters said the company, which makes tools for car repair and other industrial uses, said its board had elected Jack Michaels, recently retired chairman and chief executive of HNI Corp., and a Snap-On director since 1998, to fill the position.