The Manitowoc Company Announces Execution of Senior Management Succession Plan
06 Gennaio 2015 - 10:34PM
Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) today announced several
management team transitions in line with the company’s long-term
succession planning process.
Eric Etchart, who has served as president of Manitowoc Cranes
for the past nearly eight years, will move to a new role as senior
vice president, business development of The Manitowoc Company
effective immediately. Larry Weyers will succeed Mr. Etchart as
president of Manitowoc Cranes. Mr. Weyers has most recently served
as global executive vice president for Manitowoc Cranes. Since
joining the company in 1998, he has held various executive
management positions at Manitowoc, including executive vice
president of Crane Care.
“Eric has played an integral role in enhancing Manitowoc’s
leadership globally. His leadership has helped position the Crane
segment as a market leader evidenced by the segment’s ability to
deliver innovative products and technologies, execute operational
excellence initiatives and expand its global footprint. In his new
role, Eric will leverage his multi-faceted expertise and
understanding of our customers to expand our business development
efforts at an enterprise level. With a planned retirement in the
coming years, this transition will allow him to replicate his
successes going forward,” commented Glen Tellock, chairman and
chief executive officer of The Manitowoc Company. “At the same
time, we are pleased to announce the appointment of Larry Weyers to
segment president of Manitowoc Cranes. Mr. Weyers’ proven
leadership, deep knowledge of the global crane market, and ability
to execute on operational goals will undoubtedly support our Crane
segment’s ongoing success.”
In addition, Manitowoc has announced the planned retirement of
Mark Beffel, vice president, operational excellence effective
February 2. Josef Matosevic will assume the role of senior vice
president of global operational excellence of The Manitowoc Company
and will lead the company’s manufacturing, quality, and safety
initiatives upon Mr. Beffel’s retirement.
“We want to thank Mark for his contributions to Manitowoc during
his tenure. His commitment to our long-term strategy has further
advanced our cost optimization goals. As executive vice president
of manufacturing - Cranes, Josef has worked closely with our
regional and functional teams worldwide to ensure efficient and
cost-effective execution of these strategies, making him the ideal
person to lead our efforts going forward,” continued Mr. Tellock.
“Our deep management bench and longstanding succession planning
process provide a solid foundation to ensure a smooth transition
and execution of our long-term strategy.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a
multi-industry, capital goods manufacturer with over 100
manufacturing, distribution, and service facilities in 24
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, which are
complemented by a slate of industry-leading product support
services. In addition, Manitowoc is 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 2013, Manitowoc’s revenues totaled $4.0 billion, with
more than half of these revenues generated outside of the United
States.
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 ability to significantly improve
profitability;
- the ability to direct resources to
those areas that will deliver the highest returns;
- uncertainties associated with new
product introductions, the successful development and market
acceptance of new and innovative products that drive growth;
- the ability to focus on the customer,
new technologies, and innovation;
- the ability to focus and capitalize on
product quality and reliability;
- the ability to increase operational
efficiencies across each of Manitowoc’s business segments and to
capitalize on those efficiencies;
- the ability to capitalize on key
strategic opportunities and the ability to implement Manitowoc’s
long-term initiatives;
- the ability to generate cash and manage
working capital consistent with Manitowoc’s stated goals;
- the ability to convert order and order
activity into sales and the timing of those sales;
- pressure of financing leverage;
- matters impacting the successful and
timely implementation of ERP systems;
- foreign currency fluctuations and their
impact on reported results and hedges in place with Manitowoc;
- changes in raw material and commodity
prices;
- unexpected issues associated with the
quality of materials and components sourced from third parties and
the resolution of those issues;
- unexpected issues associated with the
availability and viability of suppliers;
- the risks associated with growth;
- geographic factors and political and
economic conditions and risks;
- 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 and
foodservice equipment in emerging economies, and changes in demand
for used lifting equipment and foodservice equipment;
- global expansion of customers;
- the replacement cycle of
technologically obsolete cranes;
- the ability of Manitowoc's customers to
receive financing;
- foodservice equipment replacement
cycles in national accounts and global chains, including
unanticipated issues associated with refresh/renovation plans by
national restaurant accounts and global chains;
- efficiencies and capacity utilization
of facilities;
- issues relating to the ability to
timely and effectively execute on manufacturing strategies,
including issues relating to new plant start-ups, plant closings,
and/or consolidations of existing facilities and operations;
- issues related to workforce reductions
and subsequent rehiring;
- work stoppages, labor negotiations,
labor rates, and temporary labor costs;
- government approval and funding of
projects and the effect of government-related issues or
developments;
- the ability to complete and
appropriately integrate restructurings, consolidations,
acquisitions, divestitures, strategic alliances, joint ventures,
and other strategic alternatives;
- realization of anticipated earnings
enhancements, cost savings, strategic options and other synergies,
and the anticipated timing to realize those savings, synergies, and
options;
- unanticipated issues affecting the
effective tax rate for the year;
- unanticipated changes in the capital
and financial markets;
- risks related to actions of activist
shareholders;
- changes in laws throughout the
world;
- natural disasters disrupting commerce
in one or more regions of the world;
- risks associated with data security and
technological systems and protections;
- acts of terrorism; and
- risks and other factors cited in
Manitowoc's 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, 2013.
The Manitowoc Company, Inc.Thomas G. Musial, 920-652-1738Senior
Vice President, Human Resources and Administration
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