Board RetirementsThe 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 ActuantActuant 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.