Menomonee Falls-based Actuant Corp. this week announced its board of directors had expanded and will now have 10 members instead of nine.
Danny Cunningham, a recently retired partner and chief risk officer at Deloitte and Touche LLP, was named to the board to fill the newly created position.
Cunningham has more than 30 years of experience serving public audit clients in a number of industries, including manufacturing. He has practice in both the United States and China. He holds a bachelor’s degree in accounting from The Ohio State University and a master’s in business administration from the University of Wisconsin-Madison.
“We are pleased to announce the addition of Danny to Actuant’s board of directors,” said Robert Peterson, Actuant chairman. “His accounting expertise, global perspective and extensive experience in the manufacturing industry make him an asset for Actuant.”
Peterson became Actuant’s chairman in March, when Randy Baker was named chief executive officer. He replaced Robert Arzbaecher, who was chairman and served as interim CEO. Arzbaecher remained on the board and Baker was also appointed to it.
Other members of the board include: Gurminder Bedi, a retired Ford Motor Co. vice president; E. James Ferland, chairman and CEO of Babcock & Wilcox Enterprises Inc.; Thomas Fischer, a retired senior regional managing partner at Arthur Anderson LLP; R. Alan Hunter, Jr., a retired Stanley Black & Decker executive; Holly A. Van Deursen, a retired petrochemical executive; and Dennis K. Williams, retired president, chairman and CEO of IDEX Corp.
Actuant’s business has been challenged in recent quarters because of weakness in the global oil and gas and off-highway equipment markets and the company had to record a $170 million write-off in the second quarter.
Despite the challenges, Baker said during his first earnings call as CEO that the company has “clear priorities” and “an attractive future.” The company announced this week it had acquired the Middle East, Caspian and North Africa division of Canada-based FourQuest Energy Inc.
