Glick, who has been a senior officer with the company since 1994, will take over for former president, Douglas V. Smith, who served in that position since January 1993.

Glick was previously the vice president/general manager of both the oil field division and the power transmission division at Lufkin Industries.Prior to that, he also worked at Cameron Iron Works in England, managing first one and then two plants.

Former president Smith will continue to serve the company as chief executive officer and chairman of the board.

According to a Lufkin press release, the company authorized the use of $30 million Thursday to repurchase shares of Lufkin's stock. It had 15.1 million shares outstanding as of June 30.

Lufkin Industries sells and services oil field pumping units, foundry castings, power transmission products and highway trailers.