Hyster-Yale Materials Handling, Inc. Announces Appointment Of Rajiv Prasad As President

Rhea-AI Summary

The Board of Directors of Hyster-Yale Materials Handling has appointed Rajiv Prasad as President, effective immediately. He will maintain his role as President and CEO of Hyster-Yale Group. This title change reflects his extensive oversight responsibilities, which encompass all subsidiaries of Hyster-Yale, including Hyster-Yale Group, Bolzoni S.p.A., and Nuvera Fuel Cells. Alfred M. Rankin, Jr. will continue as Chairman and CEO of Hyster-Yale Materials Handling, providing continuity in leadership.

Positive

• Rajiv Prasad's appointment may enhance leadership effectiveness.
• Broad oversight could lead to improved operational integration across subsidiaries.

Negative

• Potential concerns regarding continuity or experience gaps in leadership roles.

CLEVELAND, Feb. 18, 2021 /PRNewswire/ -- The Board of Directors of Hyster-Yale Materials Handling, Inc. (NYSE: HY) announced today that Rajiv Prasad, President and Chief Executive Officer of the Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., has been appointed President of Hyster-Yale Materials Handling effective immediately. He will hold this new position along with his current position at Hyster-Yale Group. The Board of Directors indicated that this new title better reflects Mr. Prasad's broad role within Hyster-Yale Materials Handling, which includes oversight responsibilities for all of the Company's subsidiaries, including its forklift truck business, Hyster-Yale Group, Inc., the Company's attachment business, Bolzoni, S.p.A., and the Company's fuel cell business, Nuvera Fuel Cells, LLC.

Alfred M. Rankin, Jr. will remain Chairman and Chief Executive Officer of Hyster-Yale Materials Handling.

About Hyster-Yale Materials Handling
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni^®, Auramo^® and Meyer^® brand names. Hyster-Yale Group also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries, visit the Company's website at www.hyster-yale.com.

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SOURCE Hyster-Yale Materials Handling, Inc.

FAQ

What is the significance of Rajiv Prasad's appointment as President of Hyster-Yale Materials Handling?

Rajiv Prasad's new role as President reflects his extensive responsibilities over all subsidiaries, which may improve leadership effectiveness.

Who remains the CEO of Hyster-Yale Materials Handling after the management change?

Alfred M. Rankin, Jr. remains as Chairman and CEO of Hyster-Yale Materials Handling.

What subsidiaries does Rajiv Prasad oversee in his new position?

In his new role, Rajiv Prasad will oversee Hyster-Yale Group, Bolzoni S.p.A., and Nuvera Fuel Cells.

When was Rajiv Prasad appointed as President of Hyster-Yale Materials Handling?

Rajiv Prasad was appointed President on February 18, 2021.