MILWAUKEE--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150825005703/en/
Actuant Corporation
Karen Bauer, 262-293-1562
Communications &
Investor Relations Leader
Source: Actuant Corporation
Released August 25, 2015