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Astec Industries Announces CEO Transition; Barry Ruffalo Has Stepped Down As President And CEO, Effective Immediately; Jaco Van Der Merwe To Serve As President And CEO And As A Member Of The Board Of Directors

Benzinga · 01/06/2023 08:33

Astec Industries, Inc. (NASDAQ:ASTE) announced today Barry Ruffalo has stepped down as President and Chief Executive Officer and as a member of the Board of Directors, effective immediately. The Board has appointed Jaco van der Merwe to serve as President and Chief Executive Officer and as a member of the Astec Industries Board of Directors. Mr. van der Merwe joined Astec in 2016 as Group President and currently serves as Group President – Infrastructure Solutions, a role he assumed in 2019.
 

William D. Gehl, Chairman of the Board, said, "We are fortunate to have someone with Jaco's experience and skill to assume the role of CEO. He is a proven leader and has a thorough understanding of our business. Prior to joining Astec in 2016, Jaco held various leadership positions with P&L responsibilities within the construction equipment industry. His knowledge of our Materials Solutions and Infrastructure Solutions markets and products makes Jaco uniquely suited to lead Astec to the next level of our Simplify, Focus and Grow journey."

"We would also like to thank Barry Ruffalo for his efforts at Astec and wish him the best in his future endeavors," said Mr. Gehl.

Mr. van der Merwe commented, "It is an honor to be the CEO of Astec and I look forward to our journey together. The hardworking people of Astec, are the key to our success. Our company has a fifty-year history of designing, engineering, manufacturing and servicing the most innovative, efficient and dependable equipment solutions within the Rock-to-Road segment of the construction industry. By working together with a dedicated focus on execution, we will create value for our shareholders, customers and employees."

About Jaco van der Merwe

Mr. van der Merwe joined Astec in 2016 as a Group President, after having an impressive eighteen-year career at Atlas Copco including President of Atlas Copco Mining and Rock Excavation in Johannesburg, South Africa. Mr. van der Merwe is a naturalized U.S. citizen, originally from South Africa where he completed his Metallurgical Engineering studies at Tshwane University of Technology and a MBA from the University of Pretoria.