Ravenscroft Succeeds Pennypacker as Manitowoc President and CEO

August 6, 2020 - As a planned step in The Manitowoc Company Inc.’s transition strategy, Aaron H. Ravenscroft has been appointed president and CEO, as well as a member of the board of directors, effective immediately.

Ravenscroft had been executive vice president of cranes for Manitowoc, a leading global manufacturer of cranes and lifting solutions.

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 crane business globally. As executive vice president of cranes, Ravenscroft has led efforts to improve product quality and customer service, and also to enhance operational efficiency and profitability.

In addition to understanding Manitowoc’s core business, he brings more than 17 years of extensive operational, sales and marketing, and international leadership experience in industrial and engineered equipment the CEO position.

Kenneth W. Krueger, chairman of the board, said Ravenscroft’s mix of skills, experience, and company knowledge makes the board confident that he 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.

“He is a firm believer in The Manitowoc Way, and has a deep appreciation for our mission and culture,” said Krueger. “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 added, “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.”

Krueger noted, “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 endeavors.”

Ravenscroft said, “Manitowoc has established itself as a global manufacturing leader of cranes and lifting solutions, and it is an honor to assume the role of CEO during this important time in its 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. 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.”

Pennypacker said, “It has been a privilege to lead Manitowoc for the past five years, and especially during the past several months, when our remarkable employees continued to deliver parts and services to our customers in a time of essential need. I am incredibly proud of what our team has achieved together, including recommitting to the ‘Voice of the Customer’ and strategically positioning the company for long-term growth. Aaron and I have worked closely together for over 17 years across several companies, and I share the board’s confidence in him. I look forward to providing the necessary support for him during the transition, and am confident that under Aaron’s leadership, Manitowoc will continue to navigate the current operating environment well and emerge even stronger.”

The Company will host a conference call to discuss its second-quarter financial results on Thursday, August 6, 2020, at 10:00 a.m. ET (9:00 a.m. CT). The call will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the “Events & Presentations” section. In addition, the call will be recorded and available for replay on the website.

About Aaron H. Ravenscroft

Ravenscroft, 42, joined Manitowoc as the EVP of the mobile cranes business in March 2016 and has since also taken responsibility for the tower crane business, overseeing all of the company’s crane business activities globally.

Before joining Manitowoc, Ravenscroft served for three years as a regional managing director at Weir Group, a British engineering provider focused on mining, oil and gas, and power solutions. From 2011 to 2013, he was president of the Process Flow Control Group at Robbins & Myers. From 2008 to 2011, he was regional vice president of the Industrial Products Group for Gardner Denver. From 2003 to 2008, he held a series of positions with increasing responsibility at Wabtec.

He holds an MBA from Carnegie Mellon University and a bachelor’s degree in economics from Bucknell University.