Actuant Corp.’s board of directors announced that Robert Arzbaecher decided to retire as president and CEO, effective January 2014, and will remain chairman of the board.
Mark Goldstein, now COO, will take over the role of president immediately and will become CEO upon Arzbaecher’s retirement, the company announced. Goldstein has also been added as a board member. Goldstein joined Actuant in 2001 and was named COO in 2007.
"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 in a statement. “Mark brings excellent strategic, operational and talent development skills to the role and is passionate about delivering outstanding returns to our stakeholders.”
In addition to his board responsibilities, Arzbaecher said he plans to devote his time and energy to his family and to philanthropic endeavors.
"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 Actuant lead director Bill Hall in a statement. “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.”
Hall said that during Arzbaecher’s 13 years, Actuant’s stock price has grown from $3.75 to just over $36 per share.