12.11.2013

Schad to leave Essex

Ron Schad chief executive of Essex Crane is to resign, he will remain in his current position until a replacement is appointed.

The company is appointing an executive recruiting firm to find a replacement from among internal and external candidates. Schad will remain as a director of Essex and retains his significant stake in the business.
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Ron Schad

Schad joined Essex - which at the time ran an all Manitowoc fleet - in 2000, after a 15 year spell with Manitowoc Crane, working his way up to executive vice president and general manager.

Speaking of his departure he said: "I am pleased with the accomplishments of Essex Rental and am especially proud to have worked with our dedicated employees who are focused on serving our customers and building value for our shareholders. As a public company with a tremendous foundation of people and assets, we are uniquely positioned to grow our company's offering to our customers.”

“It is with this in mind that I have decided it is an opportune time for me to consider my next steps and professional future. I see great upside for this company, and believe that the time is right for a new chief executive to build upon the strategies we have developed to drive our growth opportunities."

Chairman Laurence Levy added: "The board of directors thanks Ron for his service and dedication and we look forward to working with him in the coming months to identify a new leader for the company."

Vertikal Comment

Schad joined Essex as chief executive as it was acquired by Kirtland Capital Partners the business was then sold to Hyde Park Acquisition Corporation in 2008 and since then has struggled as the economic recession took hold.

At the end of 2010 Schad led the acquisition of Coast Crane which was in Chapter 11 bankruptcy at the time. The merger of the two businesses does not appear to have been as successful as it might have been, possibly due to the fact that the two crane business are completely different.

Any new candidate will want to review the current situation and either decide to continue with and perhaps expend the current blend of crane operations, or cut Essex back to the business model that made it so successful in the past – Crawler crane rental. Watch this space