Asphalt equipment maker Astec Industries Inc. said Monday that its board of directors has set up a succession plan intending to name Benjamin G. Brock as chief executive.
Brock, group vice president-asphalt since August 2012 and president of Astec Inc. since 2006, would replace his father, J. Don Brock, as CEO of the Chattanooga company, a news release said.
The elder Brock, who has led the company for 40 years, would become executive chairman of the company's board.
Also under the plan, Richard J. Dorris, group vice president-energy since August 2012, would become chief operating officer and executive vice president.
In addition, W. Norman Smith, who currently serves as the company's president and chief operating officer, will transition to the role of vice chairman of the board.
The date of the final implementation of the succession plan, including the appointment of new executive officers, has yet to be determined and its timing will be dependent on several factors, the release said. The board anticipates the succession plan will be implemented fully prior to the end of the 2013 fiscal year.
Last week, the company reported that fourth-quarter net income attributable to controlling interest rose by 34 percent to $10.7 million, or 47 cents per share, compared with $8 million, or 35 cents per share, a year earlier.
Net income attributable to controlling interest for all of 2012 was $40.2 million, or $1.74 per share, compared with $39.9 million, or $1.74 per share for 2011, the company said.