In this role, Martin will oversee the overall vision, mission, strategy, and performance of the company, a press release from Nibco said.

The board also appointed Steve Malm as the new executive chairman.

“We are thrilled to have Ashley step into the chief executive officer position at Nibco,” said Malm. “Ashley is a proven leader who has demonstrated her ability to lead the organization through challenging times while successfully pursuing growth and driving continuous improvement efforts throughout the company. She is ideally suited to drive the company forward, while remaining committed to the core values which have guided Nibco’s success over the past 120 years.”

“These are exciting times at Nibco, as we celebrate our 120^th year of being in business,” said Martin. “Fewer than one percent of companies make it to the fifth generation, so I am especially honored to take on this role and lead the company with excellence and integrity, as well as uphold our legacy of family ownership and stewardship. I’d also like to recognize and thank Steve for his leadership and impact on the organization over the past 25 years.”