Astec Industries, the US-headquartered major manufacturer of premium quarrying plant, has announced that the company's board of directors has elected Mark Gliebe and Nalin Jain as new independent directors, effective 10 November, 2022.
Gliebe and Jain's election increases the board's size to 12 directors, 11 of whom are independent. Gliebe and Jain will serve as members of the board's audit committee. In addition, Gliebe will also serve as a member of the board's compensation committee, while Jain will also serve as a member of the board's nominating and corporate governance committee.
Gliebe is a seasoned former public-company chairman and CEO with deep experience in the global manufacturing operations of industrial companies with highly engineered products. Until his retirement in 2019, he served as Chairman and CEO of Regal Beloit Corporation, now Regal Rexnord, a global manufacturer of electric motors and controls, power generation products and power transmission components. During his eight years as the CEO of Regal Beloit, Gliebe drove operational excellence from the factory floor up, establishing key performance metrics and aligning incentives. Before Gliebe's CEO role, he had served as president and chief operating officer of Regal Beloit from 2005 to 2011. Prior to joining Regal Beloit, he worked at General Electric for 22 years holding various positions of increased responsibility. Gliebe also has meaningful public and private company governance experience, having served on public and private company boards. Gliebe received his BS in Computer Science degree from Bowling Green State University and his MBA from Cleveland State University.
Jain currently serves as president of Digital Electronics at Wabtec Corporation, a role he has held since 2020. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries and the mining, marine and industrial markets. Before his current role, Jain served as group president of Wabtec's Global Equipment business, leading Wabtec's comprehensive global locomotive, mining, marine, stationary and drill portfolios.
Jain also led GE Transportation's international business activities in key markets like APAC, China, Australia, Europe and Africa. He was responsible for expanding the business footprint and global capabilities across these regions. He previously served as CEO of GE Aviation and GE Transportation in South Asia. Prior to GE, he was director of Global Partnerships with Bombardier Inc. Jain has a bachelor's degree in Engineering from the National Institute of Technology in Surat, India and an MBA from the Indian School of Business, Hyderabad, India.
William Gehl, chairman of Astec's board of directors, said: "We are pleased to welcome Mark and Nalin to the board. Leaders of their calibre, respective industry knowledge and individual experiences make them very strong additions to our boardroom. We look forward to benefiting from their deep knowledge and expertise as we continue executing our strategic priorities to drive shareholder value."
Gliebe said: "I admire Astec's leading position in global construction equipment manufacturing and am honoured to join the board. I look forward to working with my fellow directors to help guide the company forward."
"My passion for leveraging technology to create positive change seamlessly aligns with the Company's purpose-driven mission – to connect people, processes and products, advancing innovative solutions from Rock to Road as OneASTEC," said Jain. "I am honoured to join the company's board and work with the management team as we advance the company's unique and innovative position in the Rock to Road value chain."
