Astec Industries, Inc. (Nasdaq: ASTE) announced the company’s board
of directors (the “Board”) elected Mr. Mark Gliebe and Mr. Nalin
Jain, each a new independent director, effective as of November 10,
2022. The election of Mr. Gliebe and Mr. Jain increases the size of
the Board to 12 directors, 11 of whom are independent directors.
Each of Mr. Gliebe and Mr. Jain will serve as a member of the Audit
Committee of the Board. In addition, Mr. Gliebe will also serve as
a member of the Compensation Committee of the Board, and Mr. Jain
will also serve as a member of the Nominating and Corporate
Governance Committee of the Board.
Mr. Gliebe is a seasoned, former public-company Chairman and CEO
with deep experience in the global manufacturing operations of
industrial companies with highly engineered products. Until his
retirement in 2019, he served as Chairman and CEO of Regal Beloit
Corporation, now Regal Rexnord (NYSE: RRX), a global manufacturer
of electrical motors and controls, power generation products and
power transmission components. During his eight years as the CEO of
Regal Beloit, Mr. Gliebe drove operational excellence from the
factory floor up, establishing key performance metrics and aligning
incentives. Prior to Mr. Gliebe’s role as CEO, he had served as
President and Chief Operating Officer of Regal Beloit from 2005 to
2011. Prior to joining Regal Beloit, he worked at General Electric
for 22 years holding various positions of increased responsibility.
In addition, Mr. Gliebe has meaningful public and private company
governance experience having served on both public and private
company boards. Mr. Gliebe received his BS in Computer Science
degree from Bowling Green State University and his MBA from
Cleveland State University.
Mr. Jain currently serves as President, Digital Electronics at
Wabtec Corporation, a role he has held since 2020. Wabtec
Corporation is a leading global provider of equipment, systems,
digital solutions and value-added services for the freight and
transit rail industries, as well as the mining, marine and
industrial markets. Prior to his current role, Mr. Jain served as
Group President of Wabtec’s Global Equipment business, leading
Wabtec’s comprehensive global locomotive, mining, marine,
stationery and drill portfolios. Mr. Jain also led GE
Transportation’s international business activities in key markets
like APAC, China, Australia, Europe and Africa. He was responsible
for expanding the business footprint and global capabilities across
these regions. He previously served as CEO for GE Aviation and GE
Transportation in South Asia. Prior to GE, he was Director of
Global Partnerships with Bombardier Inc. Mr. Jain has a bachelor’s
degree in Engineering from National Institute of Technology in
Surat, India and an MBA from the Indian School of Business,
Hyderabad, India.
William Gehl, Chairman of Astec’s Board of Directors, said, “We
are pleased to welcome Mark and Nalin to the Board. Leaders of
their caliber, their respective industry knowledge and individual
experiences make them very strong additions to our boardroom. We
look forward to benefiting from their deep knowledge and expertise
as we continue to execute on our strategic priorities to drive
shareholder value.”
Mr. Gliebe said, “I admire Astec’s leading position in global
construction equipment manufacturing and am honored to join the
Board. I look forward to working with my fellow directors to help
guide the Company forward.”
“My passion for leveraging technology to create positive change
seamlessly aligns with the Company’s purpose-driven mission – to
connect people, processes and products, advancing innovative
solutions from Rock to Road as OneASTEC,” said Mr. Jain. “I am
honored to join the Company’s Board and work with the management
team as we advance the Company’s unique and innovative position in
the Rock to Road™ value-chain.”
About ASTEC
Astec, (www.astecindustries.com), is a manufacturer of
specialized equipment for asphalt road building, aggregate
processing and concrete production. Astec's manufacturing
operations are divided into two primary business segments:
Infrastructure Solutions that includes road building, asphalt and
concrete plants, thermal and storage solutions; and Materials
Solutions that includes our aggregate processing equipment.
For more information, visit astecindustries.com and follow
us on social media.
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Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995
This News Release contains forward-looking statements within the
meaning of the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. Such statements relate to, among
other things, income, earnings, cash flows, changes in operations,
operating improvements, businesses in which we operate and the
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are not historical are hereby identified as "forward-looking
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"anticipates," "supports," "plans," "projects," "expects,"
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largely on management's expectations, which are subject to a number
of known and unknown risks, uncertainties and other factors
discussed and described in our most recent Annual Report on Form
10-K, including those risks described in Part I, Item 1A. Risk
Factors thereof, and in other reports filed subsequently by us with
the Securities and Exchange Commission, which may cause actual
results, financial or otherwise, to be materially different from
those anticipated, expressed or implied by the forward-looking
statements. All forward-looking statements included in this
document are based on information available to us on the date
hereof, and we assume no obligation to update any such
forward-looking statements to reflect future events or
circumstances, except as required by law.
For Additional Information Contact:
Steve Anderson Senior Vice President of Administration and
Investor RelationsPhone: (423) 899-5898 E-mail:
sanderson@astecindustries.com
Astec Industries (NASDAQ:ASTE)
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Astec Industries (NASDAQ:ASTE)
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