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ASTE > SEC Filings for ASTE > Form 8-K on 6-Jan-2014All Recent SEC Filings

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Form 8-K for ASTEC INDUSTRIES INC


6-Jan-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 4, 2013, the Company announced that its Board of Directors had established a leadership succession plan which they anticipated would be completed by the end of 2013. The Company is pleased to announce that the succession plan has been implemented as of January 1, 2014 with the following management changes:

1. Dr. J. Don Brock has transitioned from the Company's Chairman of the Board and Chief Executive Officer to Executive Chairman of the Board while continuing his full-time employment with the Company. In addition to mentoring the Company's new CEO and COO, Dr. Brock anticipates spending significant time on product development while continuing to promote and sell the Company's equipment.

2. Mr. W. Norman Smith has transitioned from the Company's President and Chief Operating Officer to the Vice-Chairman of the Board while continuing his full-time employment as the Company's Group President of the Mobile Asphalt Paving Group.

3. Mr. Benjamin G. Brock, age 43 and the son of Dr. Brock, has assumed the roles of the Company's Chief Executive Officer and President effective January 1, 2014 at an annual salary of $400,000 for 2014. Mr. Brock previously held the position of President of Astec, Inc. since 2006 and Group Vice President of the Asphalt Group since August 2012. Prior to 2006, Mr. Brock held the position of Vice President-Sales of Astec, Inc. from 2003 until 2006 and CEI Enterprises, Inc.'s Vice President/General Manager from 1997 until 2002. Mr. Brock's position as President of Astec, Inc. has been transitioned to Malcolm L. Swanson.

4. Mr. Richard J. Dorris, age 53, has assumed the roles of the Company's Chief Operating Officer and Executive Vice President as of January 1, 2014 at an annual salary of $300,000 for 2014. Mr. Dorris previously served as the Company's Group Vice President-Energy since August 2012 and as President of Heatec, Inc. since 2004. From 1999 to 2004, he held the positions of National Accounts Manager, Project Manager and Director of Projects for Astec, Inc. His previous position of President of Heatec, Inc. has been transitioned to Thomas H. Wilkey.

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