06.03.2013

All change at Manitou

Manitou has announced that chief executive Jean-Christophe Giroux has stood down and that Marcel-Claude Braud will re-join the board of directors.
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Marcel-Claude Braud

Giroux will be replaced on an interim basis by Dominique Bamas, an independent director since June 2009 who has a long association with the company. He is an auditor by training who has worked in senior roles at Axeeral - a large French co-operative, Maganese Navara and Groupe Rouillier. Bamas will step down as a company director at the next shareholders meeting, as will Serge Ghysdael.
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Dominique Bamas

A new - unnamed - female director will join the board along with Marcel Claude Braud, while all other members will remain with Marcel Braud continuing as non-executive chairman and Jacqueline Himsworth as vice-chairman.

Henri Brisse, who has been vice president worldwide sales and marketing since September 2011 is also leaving the company.
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Jean-Christophe Giroux

Giroux has been chief executive since June 2009 when he took over from Marcel Claude Braud, following clear disagreements over strategy within the Braud family which still retains a majority holding in the business.

The announcement pays tribute to Giroux for leading the company through a tough period in 2009, but says that the board now believes that the new environment calls more for an operational focus, with a better balance between profitability and development.

Marcel Braud said: “We are starting a new chapter of our history, which could not have been possible without Mr Giroux’s action since 2009. Many changes were necessary but after three years of transformation, we now need to take a pause and reflect on our priorities. Mr Bamas will help us consolidate our progresses for a few months while we search for the new leader.”

“I also wish to express our gratitude to Mr Ghysdael, who has been accompanying Manitou for ten years. In the name of all family members, and the entire board of directors, I want to reaffirm our commitment to all our dealers and customers in terms of operating performance and human proximity.”

Interim chief executive Dominique Bamas added: “I have been very close to the company for more than 25 years, and I did not hesitate to step up when the board of directors prompted me to do so. I will guarantee a smooth transition, and will respect the operational, commercial and human integrity of the company. Many important projects are on-going, and I will ensure all progress will be upheld.”

Vertikal Comment

This is something of a surprise, but may signal the beginning of the end to what must have been a very difficult time for the Braud family. We are unaware of exactly what has happened and so it would be inappropriate to comment in any more detail at this time.

Manitou also announced its bottom line numbers for 2012 today, which although showing a healthy improvement in net profit, also show a surprisingly negative profit trend within the telehandler and access division. At the same time the Construction Equipment division - largely Gehl - showed a strong upturn.

It was the acquisition of Gehl that prompted the 2009 boardroom changes and departure of Marcel Claude Braud.

Interesting times.