ASTE - Astec plunges after CEO Ruffalo steps down replaced by Van der Merwe

Astec Industries ( NASDAQ: ASTE ) on Friday fell as much as 13% after the maker of roadbuilding and industrial equipment said Barry Ruffalo resigned as president and CEO. The company's board named Jaco van der Merwe as a replacement.

Van der Merwe previously was group president of Astec's ( ASTE ) infrastructure solutions group since 2019. He joined Astec ( ASTE ) in 2016 as a group president after spending 18 years at Atlas Copco, where he was president of its mining and rock excavation unit in South Africa, Astec said in an announcement.

Ruffalo in 2019 was named president and CEO of Astec after working at Valmont Industries for three years.

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