Privately held high-tech firm Lord Corp., which acquired a company on Monday, is now getting a new chief executive officer.

Rick McNeel is retiring as chief executive officer as of Dec. 31, the company said Tuesday.

However, he will remain chairman of the board.

Replacing McNeel as CEO will be Ed Auslander, a long-time Lord veteran who was named vice president for global business management two years ago.

“It has been my pleasure and privilege over the past 10 years to have worked with what I feel is the finest employee organization,” said McNeel in a statement. “Through innovation, skill, hard work, and dedication, Lord has earned a well-deserved reputation as the best solutions provider in our industry. It has been an honor, with the support of the Lord Board of Directors and the officer team, to help lead this great company. I leave LORD under strong leadership that will ensure the company continues to thrive.”

McNeel went to work for Lord in 2002, having previously worked with BP Amoco Chemical in the U.K. Auslander joined Lord in 1984 through a student co-op program.

On Monday, Lord expanded its geographic footprint and product lines by acquiring Vermont-based MicroStrain.

Financial terms were not disclosed.

Lord, a $789 million company with more than 2,800 employees worldwide, provides a variety of electro-mechanical systems, coatings and other products.