Actuant Corporation (ATU - Analyst Report), a leading name in the machinery sector, has recently announced changes in its top management. Mr. Robert C. Arzbaecher, who has been serving the company in the power of Chief Executive Officer (CEO) and President, has decided to retire, with effect from Jan 2014. However, Mr. Arzbaecher will continue to be the Chairman of the Board.
Mr. Arzbaecher took over the position of the CEO as well as the President of the company when Actuant was spun off in Aug 2000. The company has been performing well since then with a surge in the market capitalization.
Upon Mr. Arzbaecher’s retirement, the present company Chief Operating Officer (COO), Mr. Mark E. Goldstein, will assume the responsibilities of CEO. Mr. Goldstein who has already become a member of the Board will assume the role of the President immediately.
Prior to joining Actuant, Mr. Goldstein had served at various executive levels for over 20 years in the privately-held The Stanley Works. Mr. Goldstein has been part of the Actuant management team since 2001, and has worked in various positions. Currently, he also serves on the board of directors of Pall Corporation (PLL - Analyst Report).
Endowed with leadership qualities and experience with the company, Mr. Goldstein is expected to guide the company’s business to unlock further value. Being an integral part of the company for such a long time will help Mr. Goldstein to actualize the company goals, going forward.
Actuant currently carries a Zacks Rank #4 (Sell). Other stocks worth a watch in the industry include Alamo Group, Inc. (ALG - Snapshot Report) and AGCO Corporation (AGCO - Analyst Report). While Alamo Group carries a Zacks Rank #1 (Strong Buy), AGCO Corp. carries a Zacks Rank #2 (Buy).