Manitowoc's 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 August 5, 2020.
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. Pennypacker will continue to serve the company in an advisory role through December 31, 2020, to ensure a smooth transition.
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, 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."
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."
Pennypacker said, "It has been a privilege to lead Manitowoc for the past five years, and especially during the past several months, when our remarkable employees continued to deliver essential 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."