posted December 10, 2002
Astec Industries, Inc. (Nasdaq: ASTE) today announced that as a part of
the organizational streamlining program discussed during the third quarter earnings release conference call on Oct. 17, the company is changing the structure of its senior executive leadership to best address the company's current needs.
Richard W. Bethea, Astec's Executive Vice President and Secretary, and E. Stephen Jett, the Company's 'in-house' General Counsel, will be leaving Astec at the end of the month to return to private law practice. They will immediately begin serving as Astec's "outside" general counsel responsible for overseeing and handling all legal work for the
Albert E. Guth, currently President of Astec Financial Services, Inc., will be returning to the senior corporate executive staff and assuming a number of Mr. Bethea's administrative duties. Mr. Guth is a co-founder of the company and served for many years as Astec's Senior Vice President and CFO prior to leaving the corporate staff to form Astec Financial Services, Inc. in 1996.
Steve Anderson, presently Vice President of Astec Financial Services,
Inc., will also move to the corporate staff and handle the day to day
administration of the Company's investor relations program.
Dr. J. Don Brock, Astec's Chairman and CEO will assume Mr. Bethea's remaining duties.
Commenting on the changes, Dr. Brock said, "Richard has made many
important contributions to the Astec family of companies over the past six
years, and we are grateful for the key role he has played in senior management during that period of significant growth and achievement. We also appreciate the excellent work Steve has done as our general counsel since joining us two years ago. As they did for many years before coming 'in-house', Richard and
Steve will once again play critical roles in representing the Astec family as our 'outside general counsel.'"
Mr. Bethea also commented on the announcement, stating: "I have thoroughly enjoyed my six years with Astec Industries, Inc., and do not regret for a minute my decision to leave private practice to join the senior management of the Company. However, I believe that I can best serve the Company in the future and also pursue some of my other interests by returning to my 'first
love' and together with Steve Jett representing the Astec family once again in private practice."
Astec Industries, Inc., based in Chattanooga, is a manufacturer of asphalt mixing plants; asphalt paving equipment; asphalt analyzing and
recycling equipment; heat transfer equipment; aggregate processing equipment; excavating and trenching equipment; and underground directional drilling equipment.
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