Astec Industries, Inc. (NASDAQ: ASTE) Announces CEO Transition
07 January 2023 - 12:30AM
Astec Industries, Inc. (Nasdaq: ASTE) announced today Barry Ruffalo
has stepped down as President and Chief Executive Officer and as a
member of the Board of Directors, effective immediately. The Board
has appointed Jaco van der Merwe to serve as President and Chief
Executive Officer and as a member of the Astec Industries Board of
Directors. Mr. van der Merwe joined Astec in 2016 as Group
President and currently serves as Group President – Infrastructure
Solutions, a role he assumed in 2019.
William D. Gehl, Chairman of the Board, said,
“We are fortunate to have someone with Jaco’s experience and skill
to assume the role of CEO. He is a proven leader and has a thorough
understanding of our business. Prior to joining Astec in 2016, Jaco
held various leadership positions with P&L responsibilities
within the construction equipment industry. His knowledge of our
Materials Solutions and Infrastructure Solutions markets and
products makes Jaco uniquely suited to lead Astec to the next level
of our Simplify, Focus and Grow journey.”
“We would also like to thank Barry Ruffalo for
his efforts at Astec and wish him the best in his future
endeavors,” said Mr. Gehl.
Mr. van der Merwe commented, “It is an honor to
be the CEO of Astec and I look forward to our journey together. The
hardworking people of Astec, are the key to our success. Our
company has a fifty-year history of designing, engineering,
manufacturing and servicing the most innovative, efficient and
dependable equipment solutions within the Rock-to-Road segment of
the construction industry. By working together with a dedicated
focus on execution, we will create value for our shareholders,
customers and employees.”
About Jaco van der Merwe
Mr. van der Merwe joined Astec in 2016 as a
Group President, after having an impressive eighteen-year career at
Atlas Copco including President of Atlas Copco Mining and Rock
Excavation in Johannesburg, South Africa. Mr. van der Merwe is a
naturalized U.S. citizen, originally from South Africa where he
completed his Metallurgical Engineering studies at Tshwane
University of Technology and a MBA from the University of
Pretoria.
About Astec
Astec, (www.astecindustries.com), is a
manufacturer of specialized equipment for asphalt road building,
aggregate processing and concrete production. Astec's
manufacturing operations are divided into two primary business
segments: Infrastructure Solutions that includes road building,
asphalt and concrete plants, thermal and storage solutions; and
Materials Solutions that include our aggregate processing
equipment.
Safe Harbor Statements under the Private
Securities Litigation Reform Act of 1995
This News Release contains forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. Such statements
relate to, among other things, income, earnings, cash flows,
changes in operations, operating improvements, businesses in which
we operate and the United States and global economies. Statements
in News Release that are not historical are hereby identified as
"forward-looking statements" and may be indicated by words or
phrases such as "anticipates," "supports," "plans," "projects,"
"expects," "believes," "should," "would," "could," "hope,"
"forecast," "management is of the opinion," use of the future tense
and similar words or phrases. These forward-looking statements are
based largely on management's expectations, which are subject to a
number of known and unknown risks, uncertainties and other factors
discussed and described in our most recent Annual Report on Form
10-K, including those risks described in Part I, Item 1A. Risk
Factors thereof, and in other reports filed
subsequently by us with the Securities and Exchange Commission,
which may cause actual results, financial or otherwise, to be
materially different from those anticipated, expressed or implied
by the forward-looking statements. All forward-looking statements
included in this document are based on information available to us
on the date hereof, and we assume no obligation to update any such
forward-looking statements to reflect future events or
circumstances, except as required by law.
For more information,
visit astecindustries.com and follow us on social media.
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Contact: Stephen C. AndersonSenior VP, Investor
Relationssanderson@astecindustries.com+1 (423)
899-5898www.astecindustries.com
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