Custom Truck One Source, Inc. Announces CEO Transition Plan
December 07, 2022 at 09:25 pm
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Custom Truck One Source, Inc. announced Fred Ross's retirement from his position as Chief Executive Officer (CEO) effective March 20, 2023 and the Company's Board of Directors' unanimous approval of the promotion of Ryan McMonagle, the Company's current President and Chief Operating Officer, to succeed Fred Ross as CEO effective upon his retirement. As part of the Board's succession plan, Mr. Ross is expected to continue his employment with the Company as Founder and will continue to serve as a member of the Company's Board of Directors. In his role as Founder, Mr. Ross will assist with the transition of leadership to Mr. McMonagle and continue to work on special projects.
Mr. McMonagle joined Custom Truck One Source as the Company's Chief Financial Officer in 2015. He has worked closely with Fred and the rest of the executive team over the past several years as an integral contributor to the Company's growth. Mr. McMonagle was named Chief Operating Officer in 2017 and assumed the additional role of President in 2021.
Custom Truck One Source, Inc. is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. The Company offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets. Its segments include Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). ERS segment owns a range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. TES segment offers a variety of new equipment for sale to be used across its end-markets. APS segment includes the sale of specialized aftermarket parts, including captive parts related to its Load King brand, used in the maintenance and repair of the equipment the Company sells and rents.