Benjamin Brock Resigns As Astec CEO; Richard Dorris Named

Tuesday, January 22, 2019

Astec Industries, Inc. (Nasdaq: ASTE) announced that Benjamin G. Brock has resigned as president and chief executive officer and as a member of the board of directors, effective as of the close of business on Monday.

The board has appointed Richard J. Dorris, P.E., who has served as executive vice president and chief operating officer since 2014, to serve as interim chief executive officer until a permanent successor is named.

In addition, the board has appointed William D. Gehl, a current member of Astec’s board, as chairman of the board, effective immediately.

Mr. Brock said, “It has been a privilege to work alongside Astec’s dedicated employees over the past 26 years and to lead the company as CEO for the past five years. Since Astec was founded in 1972, the company has consistently delivered unparalleled products and service to our customers and become a leader in global construction equipment manufacturing. I am proud to have been a part of that legacy. After 26 years of service, I am confident that now is the time to pursue new personal and professional interests. I look forward to watching Astec’s continued growth and success in the future.”

The Astec board has initiated a search process to identify a permanent CEO and will be working with a leading executive search firm to assist in its efforts.

Mr. Gehl said, “We are fortunate to have a leader with Rick’s experience to step into the CEO role on an interim basis while the Board conducts a robust search for the Company’s next CEO. Rick has a deep understanding of Astec’s business and operations as well as the construction industry, which make him an excellent choice to lead Astec through this transition period. Astec has a strong foundation in place, and we look forward to continuing to work with Rick and the rest of the Company’s senior leadership team as Astec advances the important initiatives it has underway and capitalizes on the strengths of our businesses. On a personal note, I am gratified to be taking on the Chairman role as the Board continues to oversee the execution of the company’s strategy.”

Mr. Dorris said, “Thanks to the talented and dedicated team at Astec, we are making progress in improving operational effectiveness across the company. I am honored to take on the interim CEO role as we collectively execute on our strategic plan to improve profitability and drive shareholder value.”

Mr. Gehl continued, “On behalf of the board, I thank Ben for his many contributions to the company over the years and wish him success in the future.”

Mr. Dorris, P.E., has served as the company's chief operating officer and executive vice president since January 2014. He previously served as the group vice president and president of the company's Energy Group from August 2012 to December 2013 and as president of Heatec, Inc. from 2004 to January 2014. From 1999 to 2004, he held the positions of national accounts manager, project manager and director of projects for Astec, Inc. Prior to joining Astec, Inc., he was president of Esstee Manufacturing Company from 1990 to 1999 and was Sales Engineer from 1984 to 1990. Mr. Dorris is a professional engineer licensed in Tennessee.


BASF In Chattanooga Honored For Workplace Safety And Health Record

Hamilton County WWTA Board Names Michael Patrick Executive Director

Office Furniture Warehouse To Hold Networking Event On April 26


The Tennessee Occupational Safety and Health Administration has awarded BASF-Lost Mound Drive in Chattanooga with the Governor’s Award of Excellence for Workplace Safety and Health. TOSHA Assistant ... (click for more)

The Hamilton County WWTA Board of Commissioners named Michael Patrick as the organization’s executive director at Wednesday’s meeting. Prior to joining the WWTA, Mr. Patrick was the director ... (click for more)

Office Furniture Warehouse, two-time winner of the Chattanooga Chamber of Commerce’s Small Business of the Year Award, is inviting the community to celebrate its recent victory at its 1900 Stuart ... (click for more)


Business

BASF In Chattanooga Honored For Workplace Safety And Health Record

The Tennessee Occupational Safety and Health Administration has awarded BASF-Lost Mound Drive in Chattanooga with the Governor’s Award of Excellence for Workplace Safety and Health. TOSHA Assistant Commissioner Steve Hawkins presented the award Thursday to the company’s employees and management team in Chattanooga. “BASF-Lost Mound Drive has demonstrated a strong commitment ... (click for more)

Hamilton County WWTA Board Names Michael Patrick Executive Director

The Hamilton County WWTA Board of Commissioners named Michael Patrick as the organization’s executive director at Wednesday’s meeting. Prior to joining the WWTA, Mr. Patrick was the director of the city of Chattanooga’s Water Wastewater Resources Division. He was responsible for the overall operation of the city’s regional water and wastewater collection and treatment system. ... (click for more)

Breaking News

TDOT Plans To Add 1 Lane In Each Direction To I-24 From Georgia State Line To US 27; New Section Of Apison Pike To Be Widened

The state plans to add one lane in each direction to a seven-mile section of Interstate 24, which is one of the most congested freeways in the country. The purchase of right of way for the project is included in TDOT’s annual three year transportation program. Right of way is listed for 2022 in a section between the Georgia state line and Brown's Ferry Road and another ... (click for more)

Man, 50, Shot In Road Rage Incident On Bailey Avenue; Christopher Bell, 29, Wanted For Attempted Criminal Homicide

A man, 50, was shot on Bailey Avenue on Thursday afternoon, and Christopher Bell, 29, is wanted for criminal attempted homicide. At approximately 3:20 p.m. Chattanooga Police were dispatched to a person shot call at 1050 Bailey Ave. Upon arrival, officers located a man suffering from a gunshot wound. The man stated to police that he and the suspect were involved in a vehicle ... (click for more)

Opinion

Save The Wildlife, Mr. Berke

Why in the world would there be any question regarding the wildlife at East Lake park, and the humane relocation of same? Why would anyone need to beg for the right thing to be done? Maybe if the ducks could ride scooters, there would be money for this. Or maybe if they had means to pay for one of the so-called affordable apartments we have in Chattanooga, they would rate the ... (click for more)

Roy Exum: What's 'Good' About It?

For the biggest part of my life (a real long time) I refused to acknowledge what is “good” about Good Friday. Today, in literally every country on earth, it is ‘Good Friday’ and, nope, nothing is “good” about killing my Jesus. Forget that it is the most singular display of His love for me, and I push all of the human race aside, to stand completely alone, and feel Jesus’ eyes on ... (click for more)