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

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,” says 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,” adds Egnotovich.

“I would like to thank the Board for placing their trust in me to lead this great company during the transition,” says 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 period.”

Industry News, Non-Commercial