Actuant Corporation’s (NYSE:ATU) Board of Directors announced that Robert C. Arzbaecher has decided to retire as President and Chief Executive Officer (CEO) of the Company, effective at the Annual Shareholders Meeting in January 2014. He will remain Chairman of the Board. Mark E. Goldstein, currently Chief Operating Officer (COO), will assume the role of President immediately and was added to the Board. He will become CEO upon Arzbaecher’s retirement in January.
"With our vision, strategies, and leadership team solidly in place, I now believe it is an appropriate time to transition the chief executive responsibilities to Mark, who has been an integral part of Actuant’s success for over a decade," Arzbaecher commented. “Mark brings excellent strategic, operational and talent development skills to the role and is passionate about delivering outstanding returns to our stakeholders. Under his leadership, I am convinced Actuant will continue to grow and become one of the leading multi-industry companies in the world. I’m grateful to have had the opportunity to serve as Actuant’s CEO for the last thirteen years, and look forward to continuing to contribute to Actuant’s success as a member of the Board. In addition to my Board responsibilities, I plan to devote my time and energy to my family and philanthropic endeavors, which I have been eager to accelerate."
"Bob Arzbaecher has had a significant impact on Actuant, from its founding in 2000 with the spin-off to the $1.3 billion global enterprise it is today. He spearheaded the strategic direction of the Company and successfully created its entrepreneurial and continuous improvement culture. His unyielding focus on delivering cash flow and shareholder value is today a hallmark of the Company," said Bill Hall, Lead Director of Actuant. "Bob and his team have achieved an impressive list of accomplishments which have contributed to the Company's creation of shareholder value. During his thirteen years, the stock price of Actuant has grown from $3.75 at the spin to just over $36 on a comparable split adjusted basis," Hall pointed out.