Knutson, acting as the Racine, Wis., heavy-duty off-highway power transmission equipment maker's accounting chief, will report to finance chief Christopher J. Eperjesy.
Knutson joined Twin Disc in February 2005 as the controller of domestic manufacturing operations.
"I have enjoyed working with Fred and we were all sad to see him retire after 25 years at Twin Disc," CEO Michael Batten said. "We wish him a very happy and healthy retirement. Fred consistently provided steady leadership and sound guidance to the company. I am fully confident that Jeff will offer the same level of professionalism and am pleased with his promotion."On Friday, Twin Disc shares rose $2.17 to $38.34.