---
schema_version: "secwatch.filing_event.v1"
accession: "0000792987-23-000003"
form_type: "8-K"
ticker: "ASTE"
cik: "0000792987"
company_name: "ASTEC INDUSTRIES INC"
filed_at: "2023-01-06T23:59:59+00:00"
generated_at: "2026-06-20T19:08:37.895176+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000792987-23-000003
- form_type: 8-K
- ticker: ASTE
- cik: 0000792987
- company_name: ASTEC INDUSTRIES INC
- filed_at: 2023-01-06T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/792987/000079298723000003/0000792987-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/792987/000079298723000003/aste-20230106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000792987-23-000003
- JSON: https://secwatch.observer/filing/0000792987-23-000003.json
- Plain text: https://secwatch.observer/filing/0000792987-23-000003.txt

## Key facts
- Executive change
  Jaco van der Merwe was appointed as President and Chief Executive Officer at ASTEC INDUSTRIES INC.
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: the Board appointed Jaco van der Merwe, the Company’s current Group President – Infrastructure Solutions, as President and Chief Executive Officer, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/792987/000079298723000003/0000792987-23-000003-index.htm
- Executive change
  Barry A. Ruffalo was terminated as President and Chief Executive Officer at ASTEC INDUSTRIES INC.
  - Action: terminated
  - Role: President and Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/792987/000079298723000003/0000792987-23-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.