Manitowoc Co. has named Barry Pennypacker president and CEO of Manitowoc Cranes. Pennypacker will assume his duties immediately and report to interim chairman and CEO of The Manitowoc Co. Kenneth Krueger. Current president of Manitowoc Cranes, Larry Weyers will continue as executive vice president of Manitowoc Cranes.
Manitowoc is planning to spin its Manitowoc Foodservice division into a separate company, with The Manitowoc Co. changing its name to Manitowoc Cranes. Pennypacker will be president and CEO of the company and Krueger chairman of the board.
Most recently, Pennypacker served as founder, president, and CEO of Quantum Lean LLC, a privately held manufacturer and supplier of precision components. Before that he was president and CEO, as well as a director, of Gardner Denver Inc., a manufacturer and marketer of air compressors and other engineered industrial machinery and related parts and services, from 2008 until 2012.
“Barry brings a fresh perspective to the Manitowoc Cranes business,” said Krueger. “His results-focused leadership styled 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 Manitowoc Crane’s leading market positions to return the business to growth and improved profitability.”
Pennypacker also served in senior management at The Stanley Works, a company well known in the rental industry, as well as Westinghouse and Danaher Corp.
Crane manufacturer Manitowoc Cranes is based in Manitowoc, Wis.