Aaron H. Ravenscroft named president and CEO of crane manufacturer, effective immediately; he replaces Barry L. Pennypacker.
Latest In Manitowoc
Fourth quarter sales decreased 30.4 percent year-over-year.
Company transitioned to stand-alone crane business during the quarter.
Fourth quarter sales decreased 9.9 percent year-over-year.
Sale helps company focus on core foodservice segment brands.
This change is in preparation for the spinoff of the company's foodservice business.
Company reported a loss of $8.4 million in the first quarter.
Company unveils plan to spin off foodservice, cranes divisions into separate entities.
Mark Beffel to retire as senior vice president of global operational excellence, succeeded by Josef Matosevic.
CEO: Sales decline reflects "muted demand" from uncertain global economy.
