The Manitowoc Company’s Barry Pennypacker has stepped down from his role as president, CEO and a member of the Board. Pennypacker will continue in an advisory role until the end of December. Effective immediately, Aaron Ravenscroft, the company’s executive vice president of cranes, has been appointed president and CEO, and a member of the Board of Directors.

Ravenscroft joined Manitowoc in March 2016, and has been responsible for the company’s crane business worldwide, including mobile and tower cranes. As executive vice president of cranes, Ravenscroft led efforts to improve product quality and customer service, and to enhance operational efficiency and profitability. He has more than 17 years of operational, sales and marketing and international leadership experience in industrial and engineered equipment.

“Manitowoc has established itself as a global manufacturing leader of cranes and lifting solutions, and it is an honour to assume the role of CEO during this important time in its history,” said Ravenscroft. ”We have the financial flexibility to continue to weather this difficult period and, at the same time, we are taking the steps necessary to ensure we can achieve further margin expansion and profitability as global markets recover.”

Ravenscroft added that he looks forward to continuing to work closely with the company’s experienced leadership team, Board and team members to advance strategic priorities, create a stronger company for customers and employees and deliver long-term value for shareholders.

Pennypacker commented, “It has been a privilege to lead Manitowoc for the past five years, and especially during the past several months, when our remarkable employees continued to deliver parts and services to our customers in a time of essential need. I am incredibly proud of what our team has achieved together, including recommitting to the Voice of the Customer and strategically positioning the company for long-term growth. Aaron and I have worked closely together for over 17 years across several companies, and I share the Board’s confidence in him. I look forward to providing the necessary support for him during the transition, and am confident that under Aaron’s leadership, Manitowoc will continue to navigate the current operating environment well and emerge even stronger.”