The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, Wisconsin, on Thursday announced the appointment of Aaron H. Ravenscroft — currently the company’s executive vice president of cranes — as president and CEO, and a member of the board of directors, effective immediately.

Ravenscroft succeeds Barry L. Pennypacker, who is stepping down from his role as president and CEO and as a member of the board as part of the company’s leadership transition plan. Pennypacker will continue to serve the company in an advisory role through Dec. 31 to ensure a smooth transition.

Ravenscroft joined Manitowoc in March 2016 and has been responsible for the company’s cranes business globally, including mobile and tower cranes.

Kenneth W. Krueger, chairman of the board, said, “With his mix of skills, experience, and knowledge of the company, the board is confident that Aaron is the right person to not only continue to lead Manitowoc through this unprecedented global crisis, but toward a global market recovery and a new phase of growth and development.”