Arzbaecher to Retire as Actuant Corporation Chief Executive Officer January 2014; Goldstein Named as Successor
August 08 2013 - 7:00AM
Business Wire
Actuant Corporation’s (NYSE:ATU) Board of Directors announced
that Robert C. Arzbaecher has decided to retire as President and
Chief Executive Officer (CEO) of the Company, effective at the
Annual Shareholders Meeting in January 2014. He will remain
Chairman of the Board. Mark E. Goldstein, currently Chief Operating
Officer (COO), will assume the role of President immediately and
was added to the Board. He will become CEO upon Arzbaecher’s
retirement in January.
"With our vision, strategies, and leadership team solidly in
place, I now believe it is an appropriate time to transition the
chief executive responsibilities to Mark, who has been an integral
part of Actuant’s success for over a decade," Arzbaecher commented.
“Mark brings excellent strategic, operational and talent
development skills to the role and is passionate about delivering
outstanding returns to our stakeholders. Under his leadership, I am
convinced Actuant will continue to grow and become one of the
leading multi-industry companies in the world. I’m grateful to have
had the opportunity to serve as Actuant’s CEO for the last thirteen
years, and look forward to continuing to contribute to Actuant’s
success as a member of the Board. In addition to my Board
responsibilities, I plan to devote my time and energy to my family
and philanthropic endeavors, which I have been eager to
accelerate."
"Bob Arzbaecher has had a significant impact on Actuant, from
its founding in 2000 with the spin-off to the $1.3 billion global
enterprise it is today. He spearheaded the strategic direction of
the Company and successfully created its entrepreneurial and
continuous improvement culture. His unyielding focus on delivering
cash flow and shareholder value is today a hallmark of the
Company," said Bill Hall, Lead Director of Actuant. "Bob and his
team have achieved an impressive list of accomplishments which have
contributed to the Company's creation of shareholder value. During
his thirteen years, the stock price of Actuant has grown from $3.75
at the spin to just over $36 on a comparable split adjusted basis,"
Hall pointed out.
Goldstein joined Actuant in 2001 and was named COO in 2007. "The
Board views this important leadership transition as thoughtful,
well planned and soundly executed," Hall observed. "Mark brings to
the chief executive role more than 30 years of industry experience
and a proven track record of leadership at Actuant. In his six
years as COO, he has directed Actuant’s segment operations and
played a key role in the portfolio management decisions while
simultaneously developing our LEAD (operational excellence and
Growth + Innovation) processes. His knowledge of Actuant and the
culture is unsurpassed and will be of great value as he leads the
Company forward with continued growth."
“I am honored to be given the opportunity to lead the tremendous
team we’ve assembled at Actuant,” Goldstein said. “We have a strong
foundation, time-tested business model, and solid vision in place,
and I am extremely excited about our potential to grow our
enterprise well into the future. It has been a pleasure to work
alongside Bob over the years and I want to thank him for his
exceptional leadership.”
Background
Arzbaecher joined Applied Power, Inc., Actuant’s predecessor, in
1992 and was its Chief Financial Officer at the time of the
spin-off in August 2000 at which point he became the first
President and CEO of Actuant. Arzbaecher serves on the Board of
Directors of CF Industries (NYSE:CF) and Fiduciary Management, Inc.
mutual funds. He participates on several not-for-profit boards
including the Metropolitan Milwaukee Association of Commerce, First
Stage Children’s Theater, Milwaukee School of Engineering and the
University of Iowa’s Tippie College of Business.
Goldstein joined Actuant in 2001 as President, Gardner Bender.
In January, 2003, he was promoted to President, Tools &
Supplies Segment and in 2007 he was promoted to Chief Operating
Officer. Prior to joining Actuant, he held various executive
positions of increasing responsibility during a 22-year career with
The Stanley Works, most recently President, North American Hand
Tools and President, Door Systems. Mark earned his bachelor’s
degree in Economics from the University of Rochester (New York). He
is currently a member of the Simon School of Business Executive
Advisory Committee and the University of Rochester Midwest Regional
Cabinet. Mark serves on the Board of Directors of Pall Corporation
(NYSE:PLL).
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.
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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