Manitowoc has announced that Aaron H. Ravenscroft, currently the company’s EVP of cranes, has been appointed its new president and CEO, and a member of the Board of Directors.
Ravenscroft succeeds Barry L. Pennypacker, who is stepping down from his role as president and CEO, 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 EVP of ranes, 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.
“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 an development," said Kenneth W. Krueger, chairman of the board."
"He is a firm believer in The Manitowoc Way, and has a deep appreciation for our mission and culture," Krueger said. "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.”