The board of directors of Birmingham-headquartered holding company Altec, Inc. has announced the promotion of Allen Ritchie to president and CEO.
In 2007, Ritchie joined the company as senior vice president and chief financial officer. Altec says the newly-appointed company head holds a deep understanding of manufacturing and distribution, financial services and service technology organizations.
Altec, founded in 1929, owns an array of wide-ranging companies under its umbrella which include Altec Industries, Global Rental, Altec NUECO, Altec Worldwide, Altec Capital, Altec Supply and Altec Ventures, LLC. The multi-functioning holding company has been owned and operated by the Styslinger family for three generations.
The company oversees businesses relating to electric utility, telecommunications, tree care, lights and signs, and contractor markets. Its product and service line spans more than 100 countries throughout the globe.
Prior to joining Altec, Ritchie served as chief financial officer of Protective Life Corporation. Ritchie is the former chief financial officer and president of global manufacturing firm AGCO Corporation. Additionally, he previously served as president and CEO of Per-Se Technologies, an Atlanta-based health care services and technology company.
Ritchie is active in the Birmingham community, where he has served on the board of the United Way of Central Alabama, the board of visitors of the School of Commerce at the University of Alabama, and the board of directors of the Alabama Symphony Orchestra.
Under the new leadership plan, Ritchie will report to the Altec ownership council, which is comprised of Lee Styslinger III, Jon Styslinger and Mark Styslinger. The three company leaders have also been named co-chairmen of the Altec board of directors.
The Styslinger brothers sang the praises of Ritchie, who will also assume a seat on the company’s board of directors.
Lee Styslinger III expressed excitement regarding the company’s outlook with Ritchie at the helm of company operations, saying that he has “never been more optimistic and excited about the future of Altec.” He added, “Over the past 14 years Allen has been involved in every aspect of our business.”
Jon Styslinger said Ritchie “is a proven leader that brought broad, deep experience to Altec, and has been instrumental in Altec’s success.”
Mark Styslinger, echoing the sentiments of his brothers, added, “Allen’s passion for Altec, and his strong commitment to our mission and values serve as a solid foundation to lead Altec into the exciting future ahead.”
Ritchie thanked company leadership for entrusting him to serve as the head of Altec.
“I appreciate the support and confidence of the Styslinger family and Altec’s Board of Directors,” said Ritchie. “I am extremely excited to be leading Altec and our outstanding team of associates at such an important time as we position Altec for further success in the future.”
Dylan Smith is a staff writer for Yellowhammer News. You can follow him on Twitter @DylanSmithAL