Astec Industries, Inc. (NASDAQ:ASTE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)On November 14, 2018, the Board elected Tracey Cook as a new director of Astec Industries, Inc. The Board determined that Ms. Cook is an "independent director" as defined in the Rule 5605(a)(2) of the Nasdaq Marketplace Rules and also appointed Ms. Cook to serve as a member of the audit committee of the Board. Ms. Cook's initial term as a director will expire at the Company's 2019 annual meeting of shareholders, and the Company anticipates that she will stand for reelection at that time.
Ms. Cook is President of the AMECO Business Line ("AMECO") and a Vice President of Fluor Corporation, a Fortune 200 engineering and construction company. Ms. Cook has almost 30 years of experience in the engineering and construction industry. Ms. Cook joined Fluor Corporation in 1989 and worked in various finance roles in the pulp and paper, mining, power services and technology consulting industries as well as in corporate financial planning and analysis. Beginning in 1995, she worked in finance on new business and e-commerce initiatives and later transferred to AMECO (construction equipment, tools and scaffolding solutions) where she was instrumental in divesting the North American commercial equipment dealerships in 2001. In 2002 she became the CFO of AMECO and has also served as AMECO's VP of Regional Operations for North America/Caribbean and Chief Operations Officer for the business globally before becoming AMECO's President in 2014.
There have been no arrangements or understandings between Ms. Cook and any other person to which she was elected as a director. Ms. Cook will receive compensation for her services as director in accordance with the director compensation plan described under the heading "Material Terms of Director Compensation Plan" in the Company's definitive Proxy Statement datedMarch 9, 2018, and filed with the Securities and Exchange Commission on March 9, 2018.
On November 19, 2018, the Company issued a press release with additional information regarding the foregoing. A copy of this press release is attached to this filing as an exhibit and is incorporated herein by reference.
Item 5.02. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press Release, dated November 19, 2018 |
ASTEC INDUSTRIES INC ExhibitEX-99.1 2 ex99-1.htm PRESS RELEASE Exhibit 99.1 Astec Industries,…To view the full exhibit click here
About Astec Industries, Inc. (NASDAQ:ASTE)
Astec Industries, Inc. designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities. The Company’s products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. The Company also manufactures certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction and demolition industries, and port and rail yard operators; gas and oil drilling rigs; water well and geothermal drilling rigs; industrial heat transfer equipment; whole-tree pulpwood chippers; horizontal grinders, and blower trucks. The Company also manufactures a line of multiple use plants for cement treated base, roller compacted concrete and ready-mix concrete. The Company’s business segments are Infrastructure Group, Aggregate and Mining Group and Energy Group.