CHICAGO (AP) -- Sauer-Danfoss Inc., which makes hydraulic, electric and electronic systems and components, said Friday that its president and chief executive plans to retire and named his replacement.
The retirement of David J. Anderson is effective Jan. 1. Anderson began his career with Sauer-Danfoss in sales and marketing and was appointed president and chief executive in 2002.
Anderson will remain an adviser to the board and continue to serve as its co-vice chairman through the 2009 shareholders' meeting, the company said.
The company named Sven Ruder as Anderson's replacement. Ruder, 51, has served as president of the company's Danfoss A/S motion controls division since 2001 and a member of the company's board since July.
Sauer-Danfoss shares fell $1.72, or 10 percent, to $15.32 in early trading.