Actuant CEO Goldstein resigns less than 2 years into tenure

 

August 26, 2015

MENOMONEE FALLS Actuant CEO Mark Goldstein has resigned from the diversified industrial products maker less than two years into his tenure. Chairman Robert Arzbaecher has been tapped for a return engagement as CEO until a permanent replacement is selected.

The Menomonee Falls, Wisconsin, company said Tuesday that Goldstein left to "pursue other interests" and did not elaborate. The executive had joined Actuant in 2001 and became CEO in January 2014.

The man Goldstein replaced, Arzbaecher, became CEO and president effective immediately. The company's board will look at candidates from inside and outside Actuant as it searches for Goldstein's permanent replacement.

Arzbaecher served as president and CEO of Actuant from August 2000 until he retired in January 2014.

Actuant runs businesses in a number of niche markets including branded hydraulic tools, specialized products and services for energy markets and position and motion control systems.

Actuant Corp. shares fell 20 cents to $20.79 in morning trading Tuesday, while broader indexes advanced more than 2 percent.

The company's stock had fallen 23 percent so far this year, as of Monday's close, or nearly three times as much as the decline of the Standard & Poor's 500 index.

 


Associated Press