ASTEC Appoints Two New Members to Board of Directors, One Director Retiring
January 22 2024 - 7:00AM
Astec Industries, Inc. (Nasdaq: ASTE) announced the company’s board
of directors (the “Board”) appointed Mr. Patrick S. Shannon and Mr.
Jeffrey (“Jeff”) T. Jackson, new independent directors, to the
Board effective as of January 18, 2024. Mr. William Bradley
(“Brad”) Southern, an independent director, informed the Board he
will be retiring as a member of the Board effective January 18,
2024. With the election of Mr. Shannon and Mr. Jackson, and the
retirement of Mr. Southern, the size of the Board increased to 11
directors, 10 of whom are independent directors. Mr. Shannon will
also serve as a member of the Audit Committee of the Board and Mr.
Jackson will serve as a member of the Compensation Committee of the
Board.
William Gehl, Chairman of Astec’s Board of
Directors, said, “We would like to thank Brad for his seven years
of leadership and service on the Board. His contributions have been
numerous, and we wish him the best going forward.” Mr. Gehl went on
to say, “We are pleased to welcome Patrick Shannon and Jeff Jackson
to the Astec Board. Jeff has public company Chief Executive Officer
experience and a strong finance background. Patrick is a two-time
public company Chief Financial Officer with deep manufacturing and
international experience.”
Mr. Shannon served as CFO of Allegion plc (NYSE:
ALLE), a leading global provider of security products and solutions
with annual revenues in excess of $3 billion, following its spinoff
from Ingersoll Rand in 2013 until his retirement in 2022. Prior to
his role as CFO at Allegion, Mr. Shannon spent 11 years in various
finance roles at Ingersoll Rand. He also previously served as CFO
of AGCO Corporation, a global manufacturer of agricultural
equipment, for two years after several years of progressive roles
in accounting, controls, and international finance. Prior to AGCO,
Mr. Shannon was a Senior Auditor for Arthur Andersen LLC.
Mr. Jackson is the President and Chief Executive
Officer of PGT Innovations Inc. (NYSE: PGTI), a manufacturer and
supplier of windows, doors and garage doors with annual revenues in
excess of $1.5 billion. He has been at PGT since 2005 and has held
the roles of CFO, Chief Operating Officer and Treasurer. Prior to
PGT, Mr. Jackson held various roles at food and beverage companies,
including Hershey and Coca-Cola. Prior to that, he was an Audit
Manager with KPMG Peat Marwick LLP.
About Astec
Astec, (www.astecindustries.com), is a
manufacturer of specialized equipment for asphalt road building,
aggregate processing and concrete production. Astec's
manufacturing operations are divided into two primary business
segments: Infrastructure Solutions that includes road building,
asphalt and concrete plants, thermal and storage solutions; and
Materials Solutions that include our aggregate processing
equipment. For more information, visit astecindustries.com and
follow us on social media.
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For Additional Information
Contact: Steve Anderson Senior Vice President of
Administration and Investor RelationsPhone: (423)
899-5898 Fax: (423)
899-4456 E-mail: sanderson@astecindustries.com
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