Actuant Appoints New Board Members
March 21 2018 - 8:30AM
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.
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Actuant CorporationKaren BauerCommunications & Investor
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