Regal Beloit CEO Mark Gliebe To Retire; Cuts 2018 EPS View

(RTTNews) - Regal Beloit Corp. (RBC) said that Mark Gliebe, Chairman and Chief Executive Officer, will retire from the company after the completion of calendar year 2018.

Gliebe has been with Regal for 14 years and has served as Chief Executive Officer for the last 8 years. Regal's Board of Directors has begun a process to identify Mr. Gliebe's successor. Gliebe has agreed to lead the Company until a successor has been named and to resign from the Board effective as of his retirement date as Chief Executive Officer.

In addition, Regal said it confirmed 2018 adjusted earnings per share guidance of $5.70 - $6.00. Analysts polled by Thomson Reuters expect the company to report earnings of $5.89 per share for 2018. Analysts' estimates typically exclude special items

The company forecasts 2018 GAAP earnings per share of $4.55 to $4.85, which now includes an estimate of currently known and anticipated Chief Executive Officer transition costs of $0.23 per share. Previously, the company expected 2018 GAAP earnings per share of $4.78 to $5.08.