- Push-out Score determined
- After about four and a half years in the position
- Praise, thanks and good wishes for Pennypacker
- Aaron Ravenscroft taking over
- Pennypacker said 122 words
(exechange) — Milwaukee, Wisconsin, August 5, 2020 — Barry Pennypacker, chief executive of Manitowoc, leaves. As announced by Manitowoc Co. in a news release on Wednesday, August 5, 2020, Barry L. Pennypacker leaves his post as chief executive officer at the manufacturer of cranes and lifting solutions after about four and a half years in the role, effective immediately.
Barry Pennypacker’s duties as CEO will be taken over by Aaron H. Ravenscroft, most recently Executive Vice President of Cranes of Manitowoc Co.
“Lead Manitowoc through this unprecedented global crisis”
Manitowoc did not give an explicit reason for Barry Pennypacker’s departure from the CEO post. 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.”
Precise information regarding Barry Pennypacker’s future plans was not immediately available.
Manitowoc said: “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.”
Share price decline
The announcement follows a decline in Manitowoc Co.’s share price of 72% since January 2018.
Chaired by Kenneth W. Krueger
Manitowoc Co. is chaired by Kenneth W. Krueger.
Kenneth W. Krueger, Chairman of the Board since 2015, is a retired Chief Operating Officer of Bucyrus International, Inc., a global leader in mining equipment manufacturing headquartered in South Milwaukee, Wisconsin.
In the position of CEO since 2016
Barry Pennypacker became CEO of the Company in 2016.
Pennypacker will continue to serve the Company in an advisory role through December 31, 2020, to ensure a smooth transition.
Barry L. Pennypacker has served as the Company’s President and Chief Executive Officer since March 2016 after having joined the Company in December 2015 as President and Chief Executive Officer of the Company’s Crane business.
Prior to joining the Company, Pennypacker served as Founder, President, and Chief Executive Officer of Quantum Lean LLC, a privately held manufacturer and supplier of precision components since 2013.
Prior to that, he was President, Chief Executive Officer and a director of Gardner Denver, Inc., a manufacturer and marketer of engineered industrial machinery and related parts and services, from 2008 to 2012.
Prior to joining Gardner Denver, Pennypacker served in positions of increasing responsibility at Westinghouse Air Brake Technologies, The Stanley Works and Danaher Corporation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Manitowoc and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).