The Manitowoc Company Inc. has named Senior Vice President and Chief Financial Officer Glen E. Tellock as president and general manager of the company’s Crane Group, effective immediately.
"With the pending Grove acquisition, we assessed the organizational needs required to run a billion-dollar crane segment. Glen’s solid financial experience will be a tremendous asset in managing our crane business, which has tripled in size in the last 14 months," said Terry D. Growcock, Manitowoc’s president and chief executive officer. "As senior vice president and CFO, Glen was intimately involved in setting the strategic direction for the company, and played an instrumental role in the successful acquisition of Potain and our pending acquisition of Grove Worldwide. The relationships Glen has built with both of these organizations will be vital to their future success. Futhermore, Glen’s in-depth knowledge and understanding of the management principles of EVA will help our crane group realize its full potential and maximize shareholder value."
Robert A. Giebel Jr., the former president of Manitowoc Crane Group, has resigned to pursue new opportunities. "I also want to express my gratitude to Rob Giebel for the efforts he has made on our behalf over the past several years, and I wish him the best in all his future endeavors." Growcock said.
"I am very excited to take on this new assignment," Tellock said. "When the Grove acquisition is completed later this summer, the crane segment will account for approximately 60 percent of Manitowoc’s revenues and nearly half of its earnings. Our crane segment is extremely well positioned to grow globally and I look forward to leveraging the strengths of each of our brands going forward."
Tellock joined Manitowoc in 1991 as director of accounting, and has served as corporate controller, vice president of finance and treasurer. He became CFO in 1999, and added the senior vice president role in 2000.
While the company launches a search for a new chief financial officer, Carl J. Laurino will serve as interim CFO. He is the current corporate treasurer.
Growcock also announced the promotion of Maurice D. Jones to vice president general counsel and secretary. Jones joined Manitowoc in 1999 as its secretary and general counsel. Prior to assuming those responsibilities, Jones was a partner in a Milwaukee-based law firm and also served as legal counsel for a publicly traded Wisconsin corporation.
