The Manitowoc Company, Inc. announced the appointment of Barry L. Pennypacker as president and chief executive officer of Manitowoc Cranes.
Pennypacker will start his position immediately and will report to Kenneth W. Krueger, the interim chairman and chief executive officer of The Manitowoc Company. Krueger said Pennypacker would bring a fresh perspective to the business and his “deep industrial expertise” and “success execution of lean initiatives” made him an excellent candidate.
“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.
The company previously announced it would spin off Manitowoc Foodservice, with The Manitowoc Company changing its name to Manitowoc Cranes, Inc. Pennypacker will serve as present and CEO of that company and Krueger will serve as chairman of the board.
Pennypacker most recently served as founder, president, and chief executive officer of Quantum Lean LLC, a privately held manufacturer and supplier of precision components. Prior to that, he was president and chief executive officer, as well as a director, of Gardner Denver Inc., a manufacturer and marketer of engineered industrial machinery and related parts and services, from 2008 until 2012. Gardner Denver is now based in Milwaukee.
In 2014, The Manitowoc Company had total revenues of $3.9 billion, with approximately half generated outside the United States.
The company told state and local officials last week that it plans to close its facility in Port Washington. The move could potentially put 80 employees out of work, but the company is working to move the employees to its Manitowoc facility.