03.06.2002

New president for Manitowoc Cranes

Robert Giebel has resigned as president of Manitowoc's Crane Group. The surprise announcement was made by Terry Growcock, president and chief executive officer of the Manitowoc Company.

Growcock named senior vice president and chief financial officer Glen Tellock as president and general manager of Manitowoc's Crane Group with immediate effect. His group includes Potain and its subsidiary Liftlux.

Referring to the March announcement that Manitowoc would, subject to regulatory approval, buy Grove Worldwide in June (this month), Growcock said: "With the pending Grove acquisition, we assessed the organisational 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.

"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 organisations will be vital to their future success. Further more, Glen's in-depth knowledge and understanding of the management principles of EVA will help our crane group realise its full potential and maximise shareholder value".

Growcock added: "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 endeavours".

Glen Tellock, the new president of the Manitowoc Cranes Group, is 41 and joined Manitowoc in 1991 as director of accounting. He 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.

"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 market-leading brands going forward," Tellock explained.

While the company launches a search for a new chief financial officer, Carl J. Laurino will serve as interim CFO. Laurino, 40, is currently Manitowoc's corporate treasurer.