Marcel Claude Braud steps down as Manitou CEO

Manitou has appointed a new chief executive officer to replace Marcel Claude Braud. Mr Braud will remain as non-executive chairman of the board, with the new CEO being Jean-Christophe Giroux. Mr Giroux was until recently chairman and CEO of telecoms company Alcatel-Lucent France.

The decision was taken on 2 June at a meeting of Manitou's supervisory board, presided over by Mr Braud. Mr Braud is son of the founder, Marcel Braud, and has led the company since 1998. Manitou is still majority owned by the Braud family.

In a statement, Manitou said the change was the result of several months reflection and was necessary because of the "events which took place at the end of 2008; the contraction of the order book on a world-level and the acquisition of GEHL in the United States".

The company said the current situation required "a management [that is] both global and reactive at the head of the Group, allowing Manitou to better adapt to its new environment and to consolidate its leadership."

Manitou said the decision "mirrored the wishes of the founding family" and would see the company return to a legal structure based on a board of directors that would be "simpler and more efficient from an operational point of view."

Mr Giroux is a long-time executive at Alcatel-Lucent, having been at the company since 1997. Previous posts at Alcatel have included president, Enterprise Solutions division and chairman and CEO of Alcatel Optronics. Before joining Alcatel he was an investment banker with Lazard for six years.