Manitou appoints new president and CEO
By Euan Youdale09 January 2014
Michel Denis, a former CEO of European truck rental group Fraikin,will be the new president and CEO of Manitou Group.
He will officially take over from interim president and CEO Dominique Bamas this month. Mr Bamas has resigned in accordance with the Manitou board of director's planned appointment of Mr Denis.
During his career Mr Denis managed French company MC International which later became Johnson Controls, a specialist in industrial and commercial refrigeration.
In 2003 he joined the Fraikin Group, a European leader in truck rentals, for which he was CEO until August 2013. He helped grow the group's international standing, influenced the design of industrial vehicles, and developed services and financing associated with its 60000-strong fleet.
Mr Denis will take over the position at Manitou on 13 January for a four year term expiring at the 2017 shareholders’ meeting for financial statements.
Manitou board members expressed their appreciation to Mr Bamas for
his efforts since former CEO Jean Christophe Giroux stepped down from in March last year. 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 stabilised financing for the next five years, reduced
the debt and initiated a combination of optimisation programs and developments from which the group should benefit in the upcoming years."
Mr Braud continued, "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 markets evolution."