An apparatus and method for severing an elastic web (22) traveling at a first speed into discrete parts (26) and applying the parts (26) onto a product web (28) of interconnected disposable absorbent articles traveling at a second speed are disclosed. The apparatus includes a plurality of transfer segments (40) which are configured to rotate about a common first axis. The apparatus also includes a drive ring which is configured to rotate about a second axis which is offset from the first axis of the transfer segments (40). A plurality of coupler arms are pivotally connected to the drive ring. As the drive ring is rotated, a cam end of each of the coupler arms is guided along a curvilinear path and a crank end of each of the coupler arms slidably engages a respective transfer segment (40) thereby pivoting the coupler arms about the pivot points and rotating the transfer segments (40) at a variable speed. The offset crank motion of the drive ring and the pivoting of the coupler arms independently varies an effective drive radius of each transfer segment (40) to provide the desired variable speed.