The Manitowoc Company’s Barry L. Pennypacker has stepped down from his role as former president, CEO and a member of the Board. Pennypacker will continue to serve the Company in an advisory role through December 31, 2020, to ensure a smooth transition. Effective immediately, Aaron H. Ravenscroft, currently the Company’s executive vice president of cranes, has been appointed president and CEO, and a member of the Board of Directors.

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 executive vice president of cranes, Ravenscroft has led efforts to improve product quality and customer service, and enhance operational efficiency and profitability. 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 role.

“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,” said Ravenscroft. ”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.

Ravenscroft added that he looks forward to continuing to work closely with the Company’s experienced leadership team, Board and team members to advance strategic priorities, create a stronger company for customers and employees and deliver long-term value for shareholders.

“It has been a privilege to lead Manitowoc for the past 5 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,” said Barry Pennypacker, former president/CEO, Manitowoc. ”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.”