Astec appoints Interim Chief Financial Officer

Astec Industries Inc (NASDAQ: ASTE) said this week it had appointed Heinrich Jonker as Interim Chief Financial Officer with immediate effect.

The appointment comes after a decision by Rebecca Weyenberg to step down from her role as CFO. Weyenberg will remain with the company as an advisor through April 30th.

Jonker has almost two decades of public company experience and has served as Astec’s Vice President Finance – Infrastructure Solutions for the past two years.

Before that, he assumed a number of leadership roles within the Finance organization at Epiroc, formerly part of Atlas Copco.

”As we embark on this transition, I am confident in the strength and depth of Astec’s finance organization and in the Board’s selection of Heinrich as Interim CFO. Heinrich has proven his strong finance acumen and leadership abilities in his role as finance lead for our Infrastructure Solutions segment and I look forward to working closely with him over the coming months,” Jaco van der Merwe, President and Chief Executive Officer of Astec, said in a press release.

”We appreciate the many contributions Becky has made to Astec, as we have worked to strengthen the Company’s financial foundation and establish the strong momentum that we have today. We wish her the best in her future endeavors.”

Stock Performance

The shares of Astec Industries Inc (ASTE) closed 1.02% ($0.43) lower at $41.78 on Nasdaq on Friday, as they snapped a three-day streak of gains.

The company’s total market cap now stands at $950.219 million.

The shares of Astec Industries Inc (ASTE) went down 8.51% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have risen 12.31% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 1 out of 2 surveyed investment analysts had rated Astec Industries Inc’s stock as “Buy”, while other 1 – as “Hold”. The median price target on the stock stands at $43.50, which translates into a 4.12% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $47.00.