Aaron H. Ravenscroft Appointed President and
CEO, Effective Immediately
Barry L. Pennypacker to Step Down
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”), a leading global manufacturer of cranes and lifting
solutions, today announced that Aaron H. Ravenscroft, currently the
Company’s Executive Vice President of Cranes, has been appointed
President and CEO, and a member of the Board of Directors,
effective immediately. Mr. Ravenscroft succeeds Barry L.
Pennypacker, who is stepping down from his role as President and
Chief Executive Officer and as a member of the Board as part of the
Company’s leadership transition plan. Mr. Pennypacker will continue
to serve the Company in an advisory role through December 31, 2020,
to ensure a smooth transition.
Mr. Ravenscroft joined Manitowoc in March 2016, and has been
responsible for the Company’s Cranes business globally, including
Mobile and Tower cranes. In his role as Executive Vice President of
Cranes, Mr. Ravenscroft has led efforts to improve product quality
and customer service, and enhance operational efficiency and
profitability. In addition to his understanding of Manitowoc’s core
business, he brings more than 17 years of extensive operational,
sales and marketing, and international leadership experience in the
industrial and engineered equipment products space, to the position
of CEO.
Kenneth W. Krueger, Chairman of the Board, said, “With his mix
of skills, experience, and knowledge of the Company, the Board is
confident that Aaron is the right person to not only continue to
lead Manitowoc through this unprecedented global crisis, but toward
a global market recovery and a new phase of growth and development.
He is a firm believer in The Manitowoc Way, and has a deep
appreciation for our mission and culture. The Board and I look
forward to working closely with Aaron and the entire management
team to continue delivering for customers, while effectively
positioning the Company for future success and value creation.”
“On behalf of the entire Board, I would like to thank Barry for
his service to Manitowoc, and his passion for its potential,” Mr.
Krueger continued. “Under his stewardship, the Company has expanded
the breadth of its product portfolio, significantly enhanced its
profitability, and solidified a foundation for compelling growth
over the long-term. Succession planning has always been a top
priority for our Board of Directors and we look forward to an
orderly leadership transition. We are grateful for Barry’s
continuing guidance during this period and wish him the very best
in his future endeavors.”
Mr. Ravenscroft said, “Manitowoc has established itself as a
global manufacturing leader of cranes and lifting solutions, and it
is an honor to assume the role of CEO during this important time in
its history. We have the financial flexibility to continue to
weather this difficult period, and at the same time, we are taking
the steps necessary to ensure we can achieve further margin
expansion and profitability as global markets recover. I look
forward to continuing to work closely with our experienced
leadership team, Board, and all of our team members to advance our
strategic priorities, create a stronger company for our customers
and employees, and deliver long-term value for our
shareholders.”
Mr. Pennypacker said, “It has been a privilege to lead Manitowoc
for the past 5 years, and especially during the past several
months, when our remarkable employees continued to deliver parts
and services to our customers in a time of essential need. I am
incredibly proud of what our team has achieved together, including
recommitting to the ‘Voice of the Customer’ and strategically
positioning the Company for long-term growth. Aaron and I have
worked closely together for over 17 years across several companies,
and I share the Board’s confidence in him. I look forward to
providing the necessary support for him during the transition, and
am confident that under Aaron’s leadership, Manitowoc will continue
to navigate the current operating environment well and emerge even
stronger.”
Second-Quarter Financial Results
In a separate press release, Manitowoc is announcing its
second-quarter financial results.
The Company will host a conference call to discuss its results
on Thursday, August 6, 2020, at 10:00 a.m. ET (9:00 a.m. CT). The
call will be available via webcast on the Manitowoc website at
http://ir.manitowoc.com in the “Events & Presentations”
section. In addition, the call will be recorded and available for
replay on the website.
About Aaron H. Ravenscroft
Mr. Ravenscroft, 42, joined Manitowoc as the EVP of the Mobile
Cranes business in March 2016 and has since taken responsibility
for the Tower Cranes business as well to oversee all of the
Company’s Cranes business activities globally. Prior to joining
Manitowoc, Mr. Ravenscroft served as a Regional Managing Director
at Weir Group, a British engineering provider focused on mining,
oil and gas, and power solutions, for three years. From 2011 to
2013, he served as President of the Process Flow Control Group at
Robbins & Myers. He served as Regional Vice President of the
Industrial Products Group for Gardner Denver from 2008 to 2011 and
a series of positions with increasing responsibility at Wabtec from
2003 to 2008.
Mr. Ravenscroft earned his MBA from Carnegie Mellon University
and his B.A. in Economics from Bucknell University.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has over a
117-year tradition of providing high-quality, customer-focused
products and support services to its markets. Manitowoc is one of
the world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, and supports comprehensive product lines of
mobile telescopic cranes, tower cranes, lattice-boom crawler cranes
and boom trucks under the Grove, Manitowoc, National Crane, Potain,
Shuttlelift and Manitowoc Crane Care brand names.
Forward-looking Statements
This press release includes “forward-looking statements”
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
- The negative impacts COVID-19 has had and will continue to have
on our business, financial condition, cash flows, results of
operations and supply chain, as well as customer demand (including
future uncertain impacts);
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- unanticipated changes in customer demand, including changes in
global demand for high-capacity lifting equipment, changes in
demand for lifting equipment in emerging economies, and changes in
demand for used lifting equipment;
- geographic factors and political and economic conditions and
risks;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- government approval and funding of projects and the effect of
government-related issues or developments;
- unanticipated changes in the capital and financial
markets;
- unanticipated changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to significantly improve profitability; and
- risks and factors detailed in Manitowoc's 2019 Annual Report on
Form 10-K, as amended and supplemented in its Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2020, and its
other filings with the United States Securities and Exchange
Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal year ended December 31, 2019, as
amended and supplemented in its Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2020.
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version on businesswire.com: https://www.businesswire.com/news/home/20200805006033/en/
Ion Warner VP, Marketing and Investor Relations +1
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