MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation’s (NYSE:ATU) Board of Directors announced that
Randal W. Baker has been named President and Chief Executive Officer of
the Company effective immediately. Mr. Baker has also been appointed to
the Board of Directors. Effective with this transition, Actuant’s Board
of Directors has appointed an independent director, Robert A. Peterson,
as Actuant’s Chairman of the Board, replacing Robert C. Arzbaecher who
will remain a member of the Board. Mr. Peterson has been on the Actuant
Board of Directors since 2003, and has been Actuant’s lead independent
director since 2015.
“We are excited to welcome Randy to Actuant,” commented Peterson. “He
brings a wealth of experience from a variety of leadership roles in
multiple industrial companies with revenues and complexity greater than
Actuant. His demonstrated success in driving new product development and
strong organic growth, along with superior customer and global market
knowledge, was a differentiator to Actuant’s CEO search committee. He is
a proven, results-oriented leader with the strategic, operational and
talent development skills required to inspire the organization and
deliver shareholder value.”
Mr. Baker has nearly 30 years of industrial experience, including
serving in numerous executive roles of increasing responsibility and
depth. From 2009 to 2015 he was with Joy Global, Inc.(“Joy”), most
recently as Chief Operating Officer. Prior to Joy, Mr. Baker was an
executive with Case New Holland (“CNH”) from 2004 to 2009, holding a
variety of roles including President and CEO of their agriculture
equipment business. Prior to CNH, Mr. Baker had diverse leadership roles
at Komatsu America Corporation, Ingersoll-Rand, and Sandvik Corporation.
“Actuant is a great industrial company with outstanding diversity,
market-leading brands and technologies as well as deep and long-standing
customer relationships,” stated Baker. “I am humbled to be given the
opportunity to lead it going forward and to help deliver superior
results for stakeholders.”
Mr. Peterson continued, “The Board of Directors would like to thank Bob
Arzbaecher for assuming the role of interim CEO and for the leadership
he provided during the last six months. His company knowledge and steady
hand allowed the Board of Directors to confidently focus on a robust CEO
search process without time pressure. The Board of Directors also
determined this CEO transition was the opportune time to appoint an
independent director as Chairman of the Board. Bob’s leadership and
involvement in Actuant since its creation in 2000 has created
substantial shareholder value, and we look forward to his continued
counsel and leadership as a director.”
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/20160301005506/en/
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released March 1, 2016