Manitowoc Announces Names Barry Pennypacker As CEO Of Cranes, Shares Surge Higher

Shares of Manitowoc Company Inc MTW spiked higher by 6 percent in Monday's after-hours trading session as the company named Barry L. Pennypacker as President and Chief Executive Officer of Manitowoc Cranes.

Pennypacker will report to Manitowoc's current interim chairman and chief executive officer of The Manitowoc Company, Kenneth Krueger.

Pennypacker most recently served as the founder, president and chief executive officer of Quantum Lean, a manufacturer and supplier of precision components.

Manitowoc also noted following the spin of its Foodservice segment, The Manitowoc Company will change its name to Manitowoc Cranes.