02.06.2009

New CEO at Manitou

In a meeting which took place today the supervisory board
of Manitou, presided over by Marcel Braud, voted to appoint Jean-Christophe Giroux as chief executive officer, replacing Marcel Claude Braud.
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Jean-Christophe Giroux

According to a statement from the company, “The change comes after several months of reflection - brought on by the events which took place towards the end of last year, including; The contraction of the company's order book on a world-wide level and the acquisition of Gehl in the United States, together with the need for a management that is both global and reactive to lead the group, allowing Manitou to better adapt to its new environment and to consolidate its leadership.”
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Marcel Claude Braud

“This decision, which reflects the wishes of the founding family to concentrate on the governance of the company, as well as on its strategy, will be coupled with a return to a legal structure based on a single board of directors, which is both simpler and more efficient from an operational point of view.”

In the new organisation Marcel Braud will become non-executive chairman of the board, while Jean-Christophe Giroux will be the chief executive officer. The changes will be submitted, after all legal details have been finalised, to an Extraordinary General Meeting of Manitou shareholders which will be called in the autumn.
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Marcel Braud, (Left) with son, Marcel-Claude

Marcel Claude Braud has left the company, although it is understood that the family and the new chief executive hope that he will in time be able to retain a role with the company, possibly on a consulting basis so that his knowledge and experience are not lost to the business.

Vertikal Comment

It seems from this unusual statement that the Braud family which has a controlling interest in Manitou, has placed the blame for the company’s current difficulties firmly with Marcel Claude Braud who has led the company for many years.

Apart from the statement announcing his replacement as chief executive, no further mention was made as to what Marcel Claude will be doing or if he will even remain with the company.

From what we understand Giroux is a former auditor/investment banker with Lazard Frères and was most recently president of d'Alcatel-Lucent France, a job he left in January 2008.