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 December 31, 2010. The board of directors has promoted Ronald Tucker to CEO and president, effective January 1, 2011. McFarland will, however, remain active as executive chairman and retain his position as chairman of the executive committee.
McFarland 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, and has been a member of the board of directors since 2007. Tucker has been with Baldor for more than 24 years, responsible for various aspects of the business, including finance, manufacturing, and international sales and operations.
Tucker said, "I am honoured 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."