The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has
named current Board member Kenneth W. Krueger as interim chairman,
president and chief executive officer, effective immediately. The
company has also announced that Glen Tellock has resigned as Manitowoc’s
chairman, president and chief executive officer, and will step down from
the Board of Directors, to pursue other opportunities. The Board of
Directors has initiated a search for a chief executive officer of
Manitowoc Cranes. Hubertus Muehlhaeuser will remain the chief executive
officer of Manitowoc Foodservice.
As stated in the company’s third-quarter earnings release issued this
afternoon, it remains on track to execute the spin of its Foodservice
business in the first quarter of 2016.
“Manitowoc has maintained its industry-leading positions in Cranes and
Foodservice in spite of significant macro-economic headwinds and
operational issues over the last 18 months,” Roy Armes, The Manitowoc
Company’s lead independent director commented. “The Board of Directors,
however, believe this is the right time for new leadership at the
company. Ken’s deep knowledge of Manitowoc’s businesses, coupled with
his robust financial and operational expertise, make him an excellent
choice to lead the company’s efforts as we execute a search for our next
chief executive officer. In his interim role, Ken will be focused on
executing the company’s efforts to improve financial performance and
executing the spin of the Foodservice business, as well as implementing
the restructuring initiatives we announced today. Our commitment to
delivering superior quality, innovative products and unmatched customer
support is unwavering as we further extend our leadership in the
marketplace.”
Armes concluded, “On behalf of the Board of Directors, I want to thank
Glen for his efforts and contributions to Manitowoc over the last 24
years. We wish him well in his future endeavors.”
In addition to being a member of the company’s Board of Directors since
2004, including four years as audit committee chair, Mr. Krueger has had
a distinguished career that blends an extensive financial and
operational background. Mr. Krueger most recently served as chief
operating officer at Bucyrus International, Inc., a global leader in
mining equipment manufacturing, before retiring in 2009. While at
Bucyrus, he helped to grow revenues by 138% and EBITDA by 247%, while
concurrently implementing Lean manufacturing principles, launching new
products and enhancing existing equipment, and streamlining product
development processes and priorities, among other areas of focus. Prior
to that he served as chief financial officer at A.O. Smith, a leading
water technology company, and Rockwell Automation, a global leader in
industrial automation, from 2000-2005 and 1983-1999, respectively.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry,
capital goods manufacturer with 92 manufacturing, distribution, and
service facilities in 25 countries. The company is recognized globally
as one of the premier innovators and providers of crawler cranes, tower
cranes, and mobile cranes for the heavy construction industry. Manitowoc
is also one of the world’s leading innovators and manufacturers of
commercial foodservice equipment, which includes 24 market-leading
brands of hot- and cold-focused equipment. In addition, both segments
are complemented by a slate of industry-leading product support
services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with
approximately half of these revenues generated outside of the United
States.
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