MANITOWOC, Wis.--(BUSINESS WIRE)--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.