The Manitowoc Company announced Dec. 28 that it has named former Gardner Denver CEO Barry L. Pennypacker as president and CEO of Manitowoc Cranes. Pennypacker, who assumes his responsibilities immediately, will report to current Manitowoc Company interim chairman and CEO Kenneth W. Krueger.
Larry J. Weyers, the current president of Manitowoc Cranes, will continue with the company as executive vice president of the Cranes group.
The announcement comes as the company continues the process of splitting its Foodservice and Cranes divisions into separate companies, which is expected to wrap up in early 2016. Once the spinoff is complete, Pennypacker will serve as president and CEO of the new Manitowoc Cranes and Krueger will serve as board chairman.
“Barry brings a fresh perspective to the Manitowoc Cranes business. His results-focused leadership style has led the transformation of several complex businesses through continuous process improvements, which delivered significant operational and financial performance improvements and increased shareholder value,” Krueger said in a news release.
“Furthermore, Barry’s deep industrial expertise, coupled with the successful execution of numerous lean initiatives throughout his career, makes him an excellent candidate to build on Manitowoc Crane’s leading market positions to return the business to growth and improved profitability,” Krueger continued.
Pennypacker most recently served as founder, president and CEO of Quantum Lean, a privately held manufacturer and supplier of precision components. From 2008-2012, he was president and CEO, as well as a director, of Gardner Denver Inc., a manufacturer and marketer of engineered industrial machinery and related parts and services.
The Manitowoc Company had annual revenues of $3.9 billion last year, with about half that generated outside of the United States. Its Cranes division is among the world’s largest providers of crawler, tower and mobile cranes for the heavy construction industry. The Foodservice business manufactures commercial foodservice equipment for restaurants, convenience stores, hotels, hospitals and other institutions.