(RTTNews) - Kadant Inc. (KAI), an industrial processing technology company, Friday said that Michael C. Colwell will be appointed President and Chief Operating Officer, effective October 1, 2026. Under the company's board-approved succession plan, Colwell will subsequently become President, Chief Executive Officer and Director, effective January 2, 2027.

As part of the transition, the company said that Jeffrey L. Powell will continue to serve as President through September 30, 2026, and as Chief Executive Officer through January 2, 2027. Following the leadership transition, Powell will become Executive Chairman of the Board of Directors. Jonathan W. Painter, the company's current Chairman of the Board, will step down as a director and as Chairman on January 2, 2027, it added in an official statement.

According to Kadant, Colwell has served as Senior Vice President since December 2024, after serving as Vice President from August 2022 to December 2024. In his current role, he is responsible for the company's Industrial Processing segment. Previously, from July 2019 to July 2022, he had supervisory responsibility for Kadant's wood processing business.

On the NYSE, KAI ended Thursday's trading at $286.23, down $5.02 or 1.7 percent. In after-hours trading, the stock is down 1.5 percent to $282.09.