Manitowoc Cranes has appointed Barry Pennypacker as its new president and CEO ahead of a major reshuffle of the company to split the cranes business away from its foodservice division.
For now, Pennypacker will report to Kenneth Krueger, interim chairman and CEO of Manitowoc Company, while Larry Weyers, the prior president of Manitowoc Cranes, will continue as executive VP of Manitowoc Cranes.
When Manitowoc Foodservice is split off, Manitowoc Company will be renamed Manitowoc Cranes and Pennypacker will be president and CEO of the overall company, whike Krueger will serve as chairman of the board of Manitowoc Cranes.
“Barry brings a fresh perspective to the Manitowoc Cranes business,” commented Krueger.
“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.
“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 Cranes’ leading market positions to return the business to growth and improved profitability.”
Pennypacker was most recently founder, president, and CEO at Quantum Lean, a manufacturer of precision components. Before that he was president and CEO of Gardner Denver, a manufacturer of engineered industrial machinery and parts.
Pennypacker holds a Bachelor of Science degree in operations management from Pennsylvania State University in the USA and an MBA in operations research from St. Joseph’s University.
