The Manitowoc Company has appointed a new President and CEO to replace the outgoing Barry Pennypacker, who is stepping down from his role and as a member of the board as part of the company’s leadership transition plan.
Aaron Ravenscroft, the company’s Executive Vice President of Cranes has been appointed to succeed him.
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. He has more than 17 years of operational, sales and marketing, and international leadership experience in the industrial and engineered equipment products space, to the position of CEO.
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Manitowoc Chairman of the Board Kenneth Krueger said the board believes Ravenscroft’s mix of skills, experience and knowledge makes him the right person to lead Manitowoc through the current unprecedented global crisis and towards 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,” Krueger said.
“On behalf of the entire Board, I would like to thank Barry for his service to Manitowoc, and his passion for its potential.
“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 endeavours.”
Ravenscroft said it is an honour to assume the role of CEO during this important time in the company’s 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,” he said.
“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.”