Actuant Announces Chief Executive Officer Change
25 August 2015 - 11:00PM
Business Wire
Actuant Corporation (NYSE:ATU) announced today that its Board of
Directors has appointed Robert Arzbaecher to the position of
President and Chief Executive Officer effective immediately. He
succeeds Mark Goldstein, who resigned from the Company and the
Board to pursue other interests.
“We are pleased to be able to call on Bob to return to the
position of CEO,” commented Robert Peterson, Lead Independent
Director of Actuant. “The Nominating and Corporate Governance
Committee of the Board of Directors, which is comprised of
independent directors, will lead the search for a new President and
CEO. During that search process, which will include both internal
and external candidates, Bob will provide stability and direction
for the Company. I want to thank Mark for his dedication and
service to Actuant over the past 14 years including the past two
years as CEO during a challenging end market environment. We wish
him much success in his future endeavors.”
Arzbaecher was President and CEO of Actuant since its founding
in August 2000 until his retirement in January 2014. He became
Chairman of the Board of Directors in 2001, a position he continues
to hold.
Arzbaecher stated, “Actuant has a long history of generating
substantial free cash flow and servicing customers by providing
market leading products and services to a variety of end markets.
While the Company has been taking steps to create growth and
improve margins, there is more we can do. I am very excited to
re-engage with Actuant employees and leaders to position the
Company as a world class supplier to our diverse global customers
and as a best-in-class diversified industrial investment. I look
forward to immersing myself back into the business over the next 45
days, and reconnecting with investors on our year-end earnings call
on September 30 and at our annual investor day on October 7.”
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions, specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk,
material and labor cost increases, foreign currency fluctuations
and interest rate risk. See the Company’s Form 10-K filed with the
Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
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Actuant CorporationKaren Bauer, 262-293-1562Communications &
Investor Relations Leader
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