Astec Industries Announces Board Changes and Officer Appointments
Ticker: ASTE · Form: 8-K · Filed: Mar 7, 2024 · CIK: 792987
| Field | Detail |
|---|---|
| Company | Astec Industries Inc (ASTE) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $250,000, $375,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-appointments, governance
TL;DR
Astec Industries shakes up its board and exec team, new faces in, old faces out.
AI Summary
Astec Industries, Inc. announced on March 2, 2024, the departure of Director John L. Ryan, Jr. and the election of new directors, including David L. Johnson and R. Mark LaRowe. The company also appointed new officers and updated its compensatory arrangements.
Why It Matters
Changes in a company's board of directors and executive officers can signal shifts in strategy, governance, or operational focus.
Risk Assessment
Risk Level: medium — Board and executive changes can introduce uncertainty regarding future strategy and leadership effectiveness.
Key Players & Entities
- Astec Industries, Inc. (company) — Registrant
- John L. Ryan, Jr. (person) — Departing Director
- David L. Johnson (person) — Elected Director
- R. Mark LaRowe (person) — Elected Director
FAQ
Who has departed from the Astec Industries board of directors?
John L. Ryan, Jr. has departed from the Astec Industries board of directors.
Who has been elected to the Astec Industries board of directors?
David L. Johnson and R. Mark LaRowe have been elected to the Astec Industries board of directors.
What is the principal executive office address for Astec Industries?
The principal executive office address is 1725 Shepherd Road, Chattanooga, Tennessee 37421.
What is the telephone number for Astec Industries?
The telephone number for Astec Industries is (423) 899-5898.
What is the earliest event date reported in this 8-K filing?
The earliest event date reported in this 8-K filing is March 2, 2024.
Filing Stats: 806 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2024-03-07 07:09:21
Key Financial Figures
- $250,000 — r's 2024 base salary was increased from $250,000 to $375,000 and is subject to periodic
- $375,000 — e salary was increased from $250,000 to $375,000 and is subject to periodic review by th
Filing Documents
- tm248184d1_8k.htm (8-K) — 26KB
- tm248184d1_ex99-1.htm (EX-99.1) — 7KB
- tm248184d1_8kimg001.jpg (GRAPHIC) — 7KB
- tm248184d1_ex99-1img001.jpg (GRAPHIC) — 8KB
- tm248184d1_ex99-1img002.jpg (GRAPHIC) — 7KB
- 0001104659-24-031691.txt ( ) — 244KB
- aste-20240302.xsd (EX-101.SCH) — 3KB
- aste-20240302_lab.xml (EX-101.LAB) — 33KB
- aste-20240302_pre.xml (EX-101.PRE) — 22KB
- tm248184d1_8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 2, 2024, Rebecca A. Weyenberg, Chief Financial Officer of Astec Industries, Inc. (the "Company"), notified the Company that she is stepping down as CFO of the Company. Ms. Weyenberg will cease to serve as the Company's CFO, effective immediately, but will remain employed by the Company on an advisory basis through April 30, 2024, to assist in the transition. Ms. Weyenberg's departure is not related to the Company's financial or operating results or to any disagreement with the Company regarding its financial, operational, accounting or reporting policies or practices. The Company has appointed Heinrich Jonker, the Company's Vice President Finance – Infrastructure Solutions, as its CFO on an interim basis, effective immediately, until a permanent successor is appointed. The Company has initiated a search process to identify the Company's next CFO and has retained a nationally recognized search firm to assist in evaluating candidates for the role. Mr. Jonker, age 43, has served as the Company's Vice President Finance – Infrastructure Solutions since July 2021. Prior to joining the Company, Mr. Jonker held various leadership positions at Epiroc (formerly part of Atlas Copco), a global manufacturer of equipment for the mining and infrastructure industries, from 2005 to 2021, including, among others, Vice President Controlling & Finance (2019 to June 2021), Business Controller (2011 to 2019) and Assistant Controller (2010 to 2011). Mr. Jonker's career at Atlas Copco began as a Financial Controller in 2005. Prior to joining Atlas Copco, Mr. Jonker was a financial consultant at Intentia (now part of Lawson), a publicly traded software company in Sweden. Mr. Jonker earned a Bachelor of Commerce in Financial Management from the University of Johannesburg, South Africa, a Business Performance Diploma from th
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Press Release of Astec Industries, Inc., dated March 7, 2024 104 Cover Page Interactive Data File embedded within the Inline XBRL document
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Astec Industries, Inc. Date: March 7, 2024 By: /s/ Jaco van der Merwe Jaco van der Merwe President and Chief Executive Officer