MANITOWOC, Wis. -- The Manitowoc Co. Inc. said that the company's board has elected Glen E. Tellock, 46, as president and CEO, effective immediately. Tellock succeeds Terry D. Growcock, 61, who will remain chairman through 2008. Tellock was also appointed to serve on the board for a term that expires in 2008.
This is the perfect situation for a change in leadership. The company's performance has never been stronger nor its future brighter, said Growcock. As former chief financial officer and then president of our largest segment, Glen has a complete [image-nocss] understanding of the value drivers of our business. I'll remain engaged with the company as chairman while Glen and his team execute Manitowoc's strategies of global growth and shareholder value creation.
Prior to being named CEO, Tellock had been senior vice president of The Manitowoc Co. and president of Manitowoc Crane Group since 2002. Previously, he served as senior vice president and CFO (1999 to 2002), vice president of finance and treasurer (1998 to 1999), corporate controller (1992 to 1998) and director of accounting (1991 to 1992). Prior to joining the company, Tellock served as financial planning manager with the Denver Post Corp., and as audit manager for Ernst & Whinney.
Growcock had been the company's president and CEO since 1998 and has served as chairman since October 2002. He has also been a director since 1998. Growcock joined the company in 1994 as executive vice president and general manager of Manitowoc Ice. In March 1995, he was appointed president of Manitowoc Foodservice Group and served in that capacity until his promotion to president and CEO in 1998.
Manitowoc is a major manufacturer of ice-cube machines, ice/beverage dispensers and commercial refrigeration equipment for the foodservice industry. It is also a provider of lifting equipment for the global construction industry and a provider of shipbuilding services for the U.S. maritime industry.
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