MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today that its Board of
Directors has elected three new independent directors, replacing three
long-serving directors who are stepping down. Joining the Board are
Alfredo Altavilla, Palmer Clarkson and Sidney Simmons.
Alfredo Altavilla currently serves as both the Chief Operating Officer
of Europe, Africa and the Middle East and as the Head of Business
Development at Fiat Chrysler Automobiles, reporting to FCA’s Chief
Executive Officer. Prior to his current role, he served as Chief
Executive Officer of Iveco (the Trucks and Commercial Vehicles Division
of CNH Industrial) and as Director of Chrysler LLC. He is an
experienced, results-oriented global leader with nearly 30 years of
strategy, business development and capital allocation expertise gained
while living and working in Russia, China, Turkey and Europe.
J. Palmer Clarkson is the founder, President and Chief Executive Officer
of Bridgestone HosePower LLC, the largest U.S. based service provider of
hydraulic and industrial hoses used in construction machinery, mining,
oil field equipment and general industrial applications. He brings over
30 years of hands-on experience in accounting, finance, and operations,
with a proven leadership track record in business development and
distributor/dealer channel growth.
Sidney Simmons is a seasoned corporate attorney focusing on business
development, mergers & acquisitions and capital restructuring as part of
an independent practice. He was instrumental in the Consol Energy / CNX
Resources separation and spin-off. Prior to establishing his independent
practice, he worked more than 10 years for the law firm of Stoneburner,
Berry & Simmons in corporate law.
The Nominating & Governance Committee and Board evaluated numerous
factors to optimize the Board, including industry and capital allocation
expertise, operational track records, the ability to devote time to the
Company, along with diverse skills and experiences. To inform this
process, active and constructive dialogue with Southeastern Asset
Management was conducted and an agreement was entered into, resulting in
the appointments of Messrs. Clarkson and Simmons.
Commenting on the appointments, Robert Peterson, Actuant’s Chairman,
said, “We are pleased to welcome these new independent Actuant Board
members who add proven, world-class expertise in building businesses,
driving growth and prudent capital allocation. The new Board is unified
in its mission to work with Chief Executive Officer Randy Baker and the
rest of Actuant’s leadership team to further management’s focus on the
most profitable core businesses while representing all shareholders in
maximizing long-term value creation.”
Peterson continued, “On behalf of Actuant and its Board, I want to thank
the directors who are stepping down – Gurminder Bedi, Alan Hunter and
Dennis Williams – for their longstanding and dedicated service to the
Company.”
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: https://www.businesswire.com/news/home/20180321005253/en/
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released March 21, 2018