Manitowoc CEO Tellock Resigns as Company Sees Sharp Earnings Drop

October 29, 2015 – As Manitowoc sees a sharp decline in third-quarter earnings, Glen Tellock, president, chairman, and CEO of Manitowoc, has resigned. Tellock, who had been with the company for 24 years, stepped down to pursue other opportunities. Board member Kenneth Krueger has been named to replace Tellock.

 

According to reports in the Milwaukee Journal Sentinel, Tellock has been replaced, on an interim basis, by Kenneth Krueger, a board member since 2004. The board has begun a search for a CEO of Manitowoc Cranes. For the third quarter, which ended Sept. 30, Manitowoc Co. recorded a net income of $4.8 million, or 3 cents per share. This is down 93% from $73.1 million, or 53 cents per share, for the same period last year.

 

Sales fell 12.5% to $863.5 million from $986.3 million in the year-ago period, and the company said it was taking significant corrective actions in its crane business. “Continued global economic uncertainty, coupled with the devaluation of the Chinese yuan that negatively affected the rest of the Asian markets, weighed on end market demand in the third quarter,” Krueger said in a statement. “This cycle has proven to be different from any other in recent memory, particularly with regard to customer order patterns. As a result, we are taking a number of aggressive actions in cranes to offset this decline in demand, including right-sizing the business, plant rationalizations, head count reductions, and other cost-optimization initiatives,” he said.