Baldor Electric Co., which markets, designs and manufactures industrial electric motors, mechanical power transmission products, drives and generators, has announced that current CEO John McFarland plans to step down on Dec. 31, 2010. The board of directors also promoted Ronald Tucker to CEO and president effective Jan. 1, 2011.
McFarland will, however, remain active as executive chairman and retain his position as chairman of the executive committee. He recently celebrated his 40th anniversary with the company.
"With sales growing and operating profits at record margins, this is the right time for me to step back from the day to day operations," McFarland said. "During 2011, I will work a reduced schedule and focus my time on growth opportunities for Baldor."
His replacement, Tucker, currently serves as president and chief operating officer (COO) and has been a member of the board of directors since 2007. Tucker has been with Baldor for more than 24 years, and he has been responsible for various aspects of the business including finance, manufacturing, and international sales and operations.
Tucker said, "I am honored to be chosen as only the sixth CEO in Baldor's 90-year history. Baldor is better positioned than ever to take advantage of the opportunities we have today and in the future. Continuing the success of the Company and maintaining the strong culture we have developed at Baldor will be the priorities moving forward."
www.baldor.com
McFarland will, however, remain active as executive chairman and retain his position as chairman of the executive committee. He recently celebrated his 40th anniversary with the company.
"With sales growing and operating profits at record margins, this is the right time for me to step back from the day to day operations," McFarland said. "During 2011, I will work a reduced schedule and focus my time on growth opportunities for Baldor."
His replacement, Tucker, currently serves as president and chief operating officer (COO) and has been a member of the board of directors since 2007. Tucker has been with Baldor for more than 24 years, and he has been responsible for various aspects of the business including finance, manufacturing, and international sales and operations.
Tucker said, "I am honored to be chosen as only the sixth CEO in Baldor's 90-year history. Baldor is better positioned than ever to take advantage of the opportunities we have today and in the future. Continuing the success of the Company and maintaining the strong culture we have developed at Baldor will be the priorities moving forward."
www.baldor.com
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