Manitou's board of directors announced that Dominique Bamas, interim p
resident and CEO, has resigned. He has been replaced by Michel Denis. Denis will assume his role as president and CEO on January 13, 2014, for a four-year-term, which expires at the shareholders’ meeting for approving the 2017 financial statements.
Marcel Braud, chairman of the board, said: "First of all, I would like to express my gratitude to Mr. Bamas for the work accomplished in nearly a year. After having assisted the board for several years as a director, he made himself available at a pivotal moment in our history that required a realignment between profitability and development. During this period, he stabilized financing for the next five years, reduced the debt, and initiated a combination of optimization programs and developments from which the group should benefit in the upcoming years. It is our pleasure to welcome Mr. Denis, whose appointment marks a new chapter in the history of Manitou. I’m confident that his experience will permit him to continue the operating reforms already launched and accelerate the group’s adaption to the market's evolution."
Denis had been with the Fraikin Group, a European leader in truck rentals, since 2003 and served as CEO until August 2013. Over the past 10 years, he accompanied the strong international development of the Fraikin group, which imposed its approach to the design of industrial vehicles, the associated services and the European financing of its fleet of 60,000 vehicles as a model.
