MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today that Rick Dillon will
join the Company effective December 5, 2016 and become the Executive
Vice President and Chief Financial Officer of Actuant effective December
22, 2016. Mr. Dillon is currently Executive Vice President and Chief
Financial Officer of Century Aluminum Co. (NASDAQ:CENX).
"We are extremely pleased to have a person of Rick's caliber and talent
joining Actuant," said Randy Baker, President and Chief Executive
Officer of Actuant. "I worked with him for a number years at Joy Global
Inc. and believe his skills and experience will be a real asset as we
work together to implement the Company's strategic growth plan."
Andrew Lampereur, the Company’s current Executive Vice President and
Chief Financial Officer will remain in his position through the first
quarter earnings announcement on December 21, 2016, and thereafter will
provide ongoing consulting support.
"Actuant is fortunate to have had a CFO of Andy's ability from its
formation in the 2000 spin-off," said Robert Peterson, Actuant’s
Chairman of the Board. "Andy’s many accomplishments, most notably
building robust financial processes focused on cash flow, are a major
reason behind the Company's success. He created a world-class global
finance organization, including the founding of a finance management
development program, to bring young talent into the Company. He has been
a valued asset to the Board and management team, and we sincerely thank
Andy for his passion, commitment and efforts on behalf of Actuant."
Dillon's Background
Mr. Dillon has been Executive Vice President and Chief Financial Officer
of Century Aluminum Co. since 2014. During his tenure at Joy Global Inc.
(2009-2014), Mr. Dillon served as Vice President-Finance Global Surface
Mining Group and Vice President-Controller and Chief Accounting Officer.
Prior to Joy he served as Vice President-Business Planning and Analysis
and Vice President-Controller and Chief Accounting Officer at Newell
Brands, and Vice President-Controller and Chief Accounting Officer at
Briggs & Stratton Corporation. Mr. Dillon began his career at Arthur
Andersen LLP. He received his B.S. in Accounting from Marquette
University and an Executive Master of Business Administration from the
Kellogg School of Management at Northwestern University.
Board Retirements
The Company also announced today that Robert Arzbaecher and Thomas
Fischer will not stand for re-election as directors and will retire from
Actuant’s Board of Directors when their current term ends at the next
annual shareholders’ meeting on January 17, 2017.
Arzbaecher, retired Chief Executive Officer and Chairman, has been on
the Board since Actuant’s founding in 2000 while Fischer joined in 2003.
Peterson added, “Both Bob and Tom have added tremendous value to the
Board during their tenure. Bob built the organization, strategy and
business model from the ground up and his passion and institutional
knowledge of the enterprise will be greatly missed. Tom led a robust and
effective audit committee, chairing this important function for over a
decade. On behalf of the entire Board I want to thank Bob and Tom for
their leadership and counsel and wish them well in retirement. As per
the Board’s succession planning process, and as an eventual replacement
for Tom, Danny Cunningham was elected as a director in March 2016. Danny
is a recently retired partner and Chief Risk Officer of Deloitte and
Touche and he will become chairman of the audit committee upon Tom’s
retirement.”
Other Items
The Company expects to record certain separation and transition charges
as well as non-cash stock compensation expense totaling approximately $8
million pre-tax in its first fiscal quarter ended November 30, 2016
which was not included in the Company’s previously announced guidance.
The stock compensation expense is associated with accelerated vesting of
previously issued equity awards for Messrs. Lampereur and Arzbaecher.
The Company will announce its fiscal 2017 first quarter earnings on
December 21, 2016.
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161118005034/en/
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released November 18, 2016