Baldor Electric Co. said Monday that John A. McFarland is resigning as CEO but will remain with the electrical equipment manufacturer as executive chairman.
The board of directors said it is promoting Chief Operating Officer and President Ronald Tucker to replace McFarland as chief executive, beginning Jan. 1.
McFarland, who has worked for the company for 40 years, said he will work shorter hours and focus on company growth opportunities. He also will remain chairman of the executive committee.
Tucker will retain his position as president after he becomes CEO.
Shares of Baldor closed up $1.02, or 2.7 percent, at $39.24 Monday.