Ken Krueger is interim CEO

As crane maker Manitowoc sees a sharp decline in third-quarter earnings, Glen Tellock, president, chairman and CEO of Manitowoc, has resigned.

Tellock, who had been with the company for 24 years, stepped down to pursue other opportunities.

Board member Kenneth Krueger has been appointed chief executive officer of Manitowoc on an interim basis while the company completes its search for a permanent successor to Tellock.

Director Roy Armes explains that this is "the right time for new leadership" at the company.

"Ken's deep knowledge of Manitowoc's businesses, coupled with his robust financial and operational expertise, make him an excellent choice to lead the company's efforts as we execute a search for our next chief executive officer," he adds.

For the third quarter, which ended on September 30, Manitowoc Co. recorded a net income of USD4.8 million - down 93% from USD73.1 million from the same period last year.

Krueger blamed the poor performance on "continued global economic uncertainty, coupled with the devaluation of the Chinese yuan that negatively affected the rest of the Asian markets".

Krueger says the company will take "a number of aggressive actions in cranes to offset this decline in demand, including right-sizing the business, plant rationalisations, head count reductions and other cost-optimisation initiatives".