Astec Industries, Inc. (ASTE) announced that the Board of Directors has established a leadership succession plan pursuant to which it intends to transition the position of Chief Executive Officer or CEO and President to Benjamin Brock and the position of Chief Operating Officer or COO and Executive Vice President to Richard Dorris.
The company said that pursuant to the succession plan, Don Brock, who currently serves as the company's Chief Executive Officer, will continue to lead the company as the Executive Chairman of the company's Board of Directors.
In addition, Norman Smith, who currently serves as the company's President and Chief Operating Officer, will transition to the role of Vice-Chairman of the company's Board of Directors, Astec said.
Astec stated that the date of the final implementation of the succession plan, including the appointment of new executive officers, has yet to be determined and its timing will be dependent on several factors. The Board anticipates, however, that the succession plan will be fully implemented prior to the end of the 2013 fiscal year.
Further, the company also announced that the Board of Directors has adopted a dividend policy pursuant to which the company intends to pay quarterly cash dividends of $0.10 per share on its common stock, commencing during the company's second fiscal quarter in 2013.
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