Actuant Announces Leadership Consolidation
September 14 2017 - 4:30PM
Business Wire
Actuant Corporation (NYSE:ATU) today announced a change to its
executive leadership structure as part of its ongoing plan to drive
profitable growth.
The Company has made the decision to consolidate the executive
leadership of the Energy and Industrial segments to drive further
scale and leverage across the organization. On an interim basis,
Randal W. Baker, President and Chief Executive Officer, will lead
the combined segments. The Company will conduct a comprehensive
search for a permanent replacement. In conjunction with this
consolidation, Stephen J. Rennie will be leaving the
organization.
As a result of this segment combination, further consolidation
and streamlining of various functional roles within these segments
are expected to occur to de-layer, speed decision making, and
improve the cost structure.
Randal W. Baker, President and Chief Executive Officer of
Actuant, stated, “The consolidation and simplification of
leadership and other roles will forge a stronger, more direct
connection across the company and accelerate achievement of our
long term strategies. I believe this will create more responsive
and action oriented teams to drive growth and react effectively to
market conditions. I want to thank Steve for his many contributions
to Actuant during his tenure.”
The above changes have no impact on Actuant’s external financial
reporting structure. The company will continue to report three
segments – Industrial, Energy and Engineered Solutions.
Actuant expects to record severance and other termination
charges in its fiscal 2018 first quarter financial results in
concert with this and other previously announced leadership
changes. An update to restructuring efforts will be provided with
Actuant’s fourth quarter fiscal 2017 financial results which will
be released on September 27, 2017.
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/20170914006298/en/
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
Actuant (NYSE:ATU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Actuant (NYSE:ATU)
Historical Stock Chart
From Apr 2023 to Apr 2024