The Manitowoc Company Inc. today announced that the company's board of directors has elected Glen Tellock, 46, as president and chief executive officer, effective immediately.
Tellock succeeds Terry Growcock, 61, who will remain chairman of the board of directors through 2008. Tellock was also appointed to serve on the board for a term that expires in 2008.
"This is the perfect situation for a change in leadership. The company's performance has never been stronger nor its future brighter," Growcock said. "As former chief financial officer and then president of our largest segment, Glen has a complete understanding of the value drivers of our business. I'll remain engaged with the company as chairman while Glen and his team execute Manitowoc's strategies of global growth and shareholder value creation."
"I am honored by the opportunity to lead a great company with great brands," Tellock said. "In less than a decade, under Terry's leadership Manitowoc was transformed from a North American manufacturing company into a global provider of innovative products and world-class service. The bar is high, and we have the team in place to clear it."
Growcock had been the company's president and chief executive officer since 1998 and has served as chairman of the board since October 2002.
Manitowoc Company appoints new CEO
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