Posted 24 January, 2024
Manitex International, Inc. appointed new CEO
CEO Change detected for ticker Nasdaq:MNTX in a 8-K filed on 24 January, 2024.
Pursuant to the Purchase Agreement, Tadano nominated Shinichi Iimura, the CEO and President of Tadano America Holdings, as its successor nominee, and upon such nomination by Tadano, the Company appointed Mr. Iimura to the Board, effective January 30, 2024.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Manitex International, Inc.
Industrial Goods • Mobile Machinery
Manitex International, Inc. engages in the provision of engineered lifting solutions. It operates through the following operating units: Manitex, Badger, PM Group, Valla, and C&M. The firm products include cranes and machinery. The company was founded in 1993 and is headquartered in Bridgeview, IL.Market Cap
$128M
View Company Details
$128M
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, on May 24, 2018, Manitex International, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with Tadano Ltd., a Japanese company ("Tadano"). Pursuant to the Purchase Agreement, so long as Tadano owns at least 10% of the issued and outstanding shares of the Company's common stock, Tadano will have the right to nominate one individual to serve on the Company's board of directors (the "Board"), and the Company will nominate and recommend Tadano's nominee at each election of directors. Pursuant to this arrangement and upon nomination by Tadano, Takashi Kiso has served as a director of the Company since January 30, 2023. On January 24, 2024, Mr. Kiso notified the Company of his resignation from the Board, effective upon the appointment of Tadano's successor nominee to the Board. Mr. Kiso's resignation was not due to a disagreement with the Company on any matter relating to the Company's operations, policies or practices. Pursuant to the Purchase Agreement, Tadano nominated Shinichi Iimura, the CEO and President of Tadano America Holdings, as its successor nominee, and upon such nomination by Tadano, the Company appointed Mr. Iimura to the Board, effective January 30, 2024. Mr. Iimura will serve as a director until the next annual meeting of shareholders of the Company or until his successor is duly elected and qualified. Mr. Iimura has not been appointed to any committees of the Board. Mr. Iimura will receive the standard compensation for non-employee directors pursuant to the Company's Non-Employee Director Plan, consisting of $10,000 cash fees per quarter and periodic equity grants pursuant to the Company's 2019 Equity Incentive Plan.
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