(April 27, 2011)
A changing of the guard is in the offing at Applied Industrial Technologies (NYSE: AIT).
The distributor of bearings and industrial parts said David L. Pugh, its chairman and CEO, has informed the company's board that he will retire by Applied Industrial's next annual shareholders' meeting, which is slated for October. Mr. Pugh, age 62, also will step down from the board at the same time.
"Dave has been an outstanding leader during his tenure as CEO of Applied Industrial Technologies," said Peter A. Dorsman, the lead non-executive director of Applied's board. "The company has grown steadily, navigated difficult economic conditions, and returned excellent value to shareholders."
Mr. Pugh said in a statement that his decision to retire “is driven by what I really want to be doing at this stage of my life, spending more time with family and on faith-based work."
"I am very gratified with all that our organization has accomplished over the last 11 years,” Mr. Pugh said. “We're coming off a strong year, and we have all the elements in place for continued success. I will work with the board to implement an effective transition plan."
Applied Industrial said a search committee comprised of current board members has been established. The company said an “internationally recognized executive search firm” that it did not identify has been engaged to assist the committee in leading a search for Mr. Pugh's successor, “with both internal and external candidates being considered.”
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