Robert Arzbaecher will retire from his role as president and chief executive officer of Actuant Corporation in January 2014, the company announced.
Mark Goldstein has immediately filled the role of president and has been appointed to the board of directors. He will assume the role of CEO following the January shareholder meeting.
Arzbaecher has led Actuant since its spinoff from Applied Power Inc. in 2000. In that time, he has deployed about $1.6 billion in capital on strategic acquisitions. He will remain as chairman of the board.
“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,” said Bill Hall, lead director. “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. Bob and his team have achieved an impressive list of accomplishments which have contributed to the company’s creation of shareholder value. During his 13 years, the stock price of Actuant has grown from $3.75 at the spin to just over $36 on a comparable split adjusted basis.
Goldstein joined Actuant in 2001 and has been chief operating officer of the Menomonee Falls-based company since June 2007. He has more than 30 years of industry experience and has held several leadership roles at the company.
“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 said. “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 13 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.”
According to Hall, Goldstein played a key role in portfolio management decisions and developed an operational excellence, growth and innovation model for Actuant.
“I am honored to be given the opportunity to lead the tremendous team we’ve assembled at Actuant,” Goldstein said. “We have a strong foundation, time-tested business model, and solid vision in place, and I am extremely excited about our potential to grow our enterprise well into the future. It has been a pleasure to work alongside Bob over the years and I want to thank him for his exceptional leadership.”
Actuant manufactures hydraulic systems and components for industrial, construction, oil and gas, and production automation markets.
