The Manitowoc Co. Inc. (NYSE: MTW), Manitowoc, WI, has appointed board member Kenneth Krueger as interim president and CEO. He replaces Glen Tellock, who resigned from those positions at Manitowoc to pursue other opportunities.
The company's board also has initiated a search for a CEO of Manitowoc Cranes. Hubertus Muehlhaeuser will remain CEO of Manitowoc Foodservice.
The company also reported sales of $863.5 million for the third quarter, a year-over-year decrease of 12.5 percent. Profit declined 93.4 percent to $4.8 million.
During the quarter, the foodservice segment had a sales increase of 2 percent to $425.3 million.
For the first nine months, sales were $2.5 billion, down 12.2 percent from the prior-year period. Profit fell 82.2 percent to $19.7 million.