Welbilt CEO Stepping Down

Welbilt, Inc. director, president and CEO Hubertus M. Muhlhauser is resigning effective August 31, according to a Welbilt press release.

Welbilt manufactures and sells kitchen equipment and supplies. The company operates 20 manufacturing facilities throughout the Americas, Europe and Asia, and sells through a global network of more than 3,500 distributors and dealers in more than 100 countries, according to the press release. Welbilt brands include Convotherm, Frymaster and Kolpak.

The Welbilt board of directors has appointed Josef Matosevic as interim president and CEO. Matosevic most recently served as Welbilt’s executive vice president and chief operating officer. Muhlhauser will become the new CEO of CNH Industrial N.V.

“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,” board of directors chairperson Cindy Egnotovich said in the press release announcing the departure. “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.”

Read the full press release.