CLEVELAND (AP) ¿ Metalworking products and services company Sifco Industries Inc. said Thursday it appointed Michael S. Lipscomb as interim chief executive, effective Aug. 31.
Lipscomb, 63, will succeed Jeffrey P. Gotschall, who is retiring from the position.
A former Sifco director, Lipscomb previously served as chairman and CEO of Argo-TechCorporation, an aerospace industry supplier. He owns a small aerospace business in Cleveland and a liquid natural gas pump manufacturing firm in California.
In a statement, Lipscomb said he expects to serve in the interim position for one to two years."My top priority in the coming months will be to work with the board and Sifco's talented management team to determine the best long-term strategy for its three businesses," he said. "As we crystallize the strategy for a very strong future, we will also identify the leadership qualities that will be requisite in the next CEO who will drive that strategy forward." Gotschall, 61, will remain employed by Sifco and will serve as non-executive chairman of the board. The company said he will be available to support the company's management team and head its foundation. Shares of Sifco rose 11 cents to $10.97 in afternoon trading.