Actuant Announces New Chief Financial Officer, Board Retirements and Other Items
November 18 2016 - 8:30AM
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.
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Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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