Market Overview

Welbilt Announces Senior Leadership Change


Welbilt, Inc. (NYSE:WBT), announced today that Hubertus M. Mühlhäuser is
resigning as a Director, President and CEO of Welbilt, effective August
31, 2018, to become the Chief Executive Officer and a Director of CNH
Industrial N.V. (NYSE:CNHI), a $27 billion global manufacturer of
capital goods comprising agricultural and construction equipment,
commercial and specialty vehicles and powertrain technologies.

This press release features multimedia. View the full release here:

Hubertus Mühlhäuser (Photo: Business Wire)

Hubertus Mühlhäuser (Photo: Business Wire)

Welbilt's Board of Directors has appointed Josef Matosevic to assume the
role of Interim President and Chief Executive Officer upon Mühlhäuser's
departure. Matosevic joined Welbilt in August 2015 and most recently
served as Welbilt's Executive Vice President and Chief Operating
Officer. Prior to Welbilt, Matosevic held executive positions at The
Manitowoc Company, Inc., Oshkosh Corporation and Wynnchurch
Capital/Android Industries. The Board is actively pursuing the
appointment of a permanent Chief Executive Officer from both internal
and external candidates.

"The Board thanks Hubertus for leading Welbilt through the successful
spin-off from The Manitowoc Company, Inc., establishing the strategic
roadmap for the company and building out the strong management team that
has been executing this strategy," said Cindy Egnotovich, the
Chairperson of Welbilt's Board of Directors. "In only three years,
Hubertus and his team have created tremendous shareholder value while
rebuilding Welbilt, putting it on the path again to be the leader in the
commercial foodservice industry. The progress that this team has made
creates a very strong foundation and strategic direction for the next
Chief Executive Officer to build upon. We wish him all the best in this
next chapter of his career."

"One of the most important roles for a Chief Executive Officer is
assembling a strong management team and developing those leaders. This
includes Josef Matosevic, who will serve as interim President and Chief
Executive Officer as the Board undertakes a search for a new Chief
Executive Officer. As Chief Operating Officer, Josef was the first
officer to join Hubertus's team and has been instrumental in
restructuring the business and implementing the Welbilt Production
System. In addition, Josef has developed strong relationships with our
major customers. Josef is the best person to ensure stability and
continuity to Welbilt's operations and customers, providing a seamless
transition as we finalize our decision for the Chief Executive Officer
position through the Board's governance process," concluded Egnotovich.

"I would like to thank the Board for placing their trust in me to lead
this great company during the transition," stated Josef Matosevic.
"Management has valued the Board's counsel over the last three years and
I look forward to working very closely with Cindy Egnotovich, our Board
Chairperson, over the coming months and with her additional support, we
can ensure the continued tremendous performance of Welbilt during this

About Welbilt, Inc.

Welbilt, Inc. provides the world's top chefs, premier chain operators
and growing independents with industry-leading equipment and solutions.
Our innovative products and solutions are powered by our deep knowledge,
operator insights, and culinary expertise. Our portfolio of
award-winning product brands includes Cleveland™, Convotherm®,
Crem®, Delfield®, Frymaster®, Garland®,
Kolpak®, Lincoln™, Manitowoc® Ice, Merco®,
Merrychef® and Multiplex®. These product brands
are supported by two service brands: FitKitchen®, our
fully-integrated kitchen systems brand, and KitchenCare®, our
aftermarket parts and service brand. Headquartered in the Tampa Bay
region of Florida and operating 20 manufacturing facilities throughout
the Americas, Europe and Asia, we sell through a global network of over
3,500 distributors and dealers in over 100 countries. We have
approximately 5,800 employees and generated sales of $1.45 billion in
2017. For more information, visit

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