Astec Industries Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$ASTE
Construction/Ag Equipment/Trucks
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 7, 2024
(Exact name of registrant as specified in its charter)
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 7, 2024, Astec Industries, Inc. (the "Company") announced that Brian J. Harris has been appointed as Chief Financial Officer of the Company, effective October 7, 2024 (the "Effective Date"). In connection with Mr. Harris' appointment, as of the Effective Date, Mr. Heinrich Jonker will step down from his role as Interim Chief Financial Officer and will continue to serve as Vice President Finance – Infrastructure Solutions of the Company.
Mr. Harris, age 68, served as Executive Vice President and Chief Financial Officer of Summit Materials, Inc. ("Summit"), a leading producer of aggregates and cement, from October 2013 to February 2023. Prior to his role at Summit, Mr. Harris served as Executive Vice President and Chief Financial Officer of Bausch + Lomb Corporation, an eye health products company, from 2009 to 2013. Prior to joining Bausch + Lomb, Mr. Harris held positions in various capacities at the Gates Corporation from 1996 to 2009.
Mr. Harris will receive an annual base salary of $550,000, subject to annual review by the Compensation Committee of the Board, and will be eligible to earn an annual cash bonus with a target award equal to 70% of his base salary (prorated for 2024), with an opportunity to earn up to 200% of the target award, based on achievement of company goals. In addition, in connection with his appointment, Mr. Harris will receive an annual long-term incentive award with an aggregate grant date value equal to approximately $800,000, prorated for 2024 service, consisting of time-based restricted stock units (RSUs) and performance stock units (PSUs). Mr. Harris will also be provided with a company automobile and a $30,000 annual housing allowance, and he will be eligible to participate in the Company’s employee benefit plans and programs generally available to its executives.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
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| 104 | Cover Page Interactive Data File embedded within the Inline XBRL document | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Astec Industries, Inc. | ||||||||
| Date: October 7, 2024 | By: | /s/ Edward T. Gilbert Jr. | ||||||
| Edward T. Gilbert Jr. | ||||||||
| General Counsel & Corporate Secretary | ||||||||