Pennypacker will be new CEO of Manitowoc Cranes
Pennypacker, who assumes his responsibilities immediately, will report to current interim chairman and CEO of The Manitowoc Company Inc. Kenneth W. Krueger.
Upon the execution of the previously announced spin off of Manitowoc Foodservice, The Manitowoc Company Inc. will change its name to Manitowoc Cranes Inc. Pennypacker will then serve as president and CEO and Krueger will serve as chairman of the board of Manitowoc Cranes Inc.
Larry J. Weyers, the current president of Manitowoc Cranes, will continue with the company as executive vice president.
“Barry brings a fresh perspective to the Manitowoc Cranes business. 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 Crane’s leading market positions to return the business to growth and improved profitability,” stated Krueger.
Most recently, Pennypacker served as founder, president and CEO 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.
Prior to joining Gardner Denver, Pennypacker worked at Westinghouse Air Brake Technologies Corp.; The Stanley Works; and Danaher Corp. Pennypacker holds a Bachelor of Science degree in operations management from Pennsylvania State University and an M.B.A. in operations research from St. Joseph’s University.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 countries.
In 2014, Manitowoc’s revenues totaled $3.9 billion, with approximately half of these revenues generated outside of the United States.