Menomonee Falls-based Actuant Corp. will consolidate the leadership of its energy and industrial segments in an effort to improve decision making and profits.
Randy Baker, Actuant president and chief executive officer, will lead the combined segments while the company searches for a permanent replacement.
As part of the consolidation, the company announced Stephen Rennie, Actuant executive vice president for the industrial segment, would be leaving. The company announced earlier this month that energy segment executive vice president Ken Bockhorst would be leaving to become COO at Brown Deer-based Badger Meter Inc.
“The consolidation and simplification of leadership and other roles will forge a stronger, more direct connection across the company and accelerate achievement of our long term strategies,” Baker said. “I believe this will create more responsive and action oriented teams to drive growth and react effectively to market conditions.”
Actuant is also planning additional consolidation and streamlining within the energy and industrial segments to “delayer, speed decision making and improve the cost structure.”
The company will not be changing its external reporting and continue to provide financial results for its industrial, energy and engineered solutions segments.