Astec CEO Barry Ruffalo steps down; Jaco van der Merwe named President and CEO

ASTEC INDUSTRIES INC

Barry Ruffalo terminated as CEO without cause effective Jan 6, 2023; entitled to severance plus 2022 incentive at committee discretion.
Jaco van der Merwe, formerly Group President – Infrastructure Solutions, appointed President and CEO and elected to Board effective immediately.
Van der Merwe's base salary increased to $725,000 (from $400,000); annual incentive target raised to 100% of base from 60%.
Equity grants for van der Merwe to be determined in February 2023; no additional compensation for Board service.
Ruffalo's departure not related to any disagreement with company operations or policies.

item 5.02 item 7.01 item 9.01

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Appointed

Jaco van der Merwe

President and Chief Executive Officer

ASTE · ASTEC INDUSTRIES INC

Effective: 2023-01-06
Filed: January 6, 2023, 6:59 PM ET

the Board appointed Jaco van der Merwe, the Company’s current Group President – Infrastructure Solutions, as President and Chief Executive Officer, effective immediately.

Departed

Barry A. Ruffalo

President and Chief Executive Officer

ASTE · ASTEC INDUSTRIES INC

Effective: 2023-01-06
Successor: Jaco van der Merwe
Filed: January 6, 2023, 6:59 PM ET

On January 6, 2023, Astec Industries, Inc. (the “Company”) announced that its President and Chief Executive Officer, Barry A. Ruffalo, is leaving the Company, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jaco van der Merwe was appointed as President and Chief Executive Officer at ASTEC INDUSTRIES INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

the Board appointed Jaco van der Merwe, the Company’s current Group President – Infrastructure Solutions, as President and Chief Executive Officer, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Barry A. Ruffalo was terminated as President and Chief Executive Officer at ASTEC INDUSTRIES INC.

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

On January 6, 2023, Astec Industries, Inc. (the “Company”) announced that its President and Chief Executive Officer, Barry A. Ruffalo, is leaving the Company, effective immediately.

View on SEC.gov

ASTEC INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0000792987-23-000003

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