On January 20, 2016, the Board of Directors of The Manitowoc Company, Inc. (the company") appointed Jos Maria Alapont, Anne M. Cooney, C. David Myers, Barry L. Pennypacker and John C. Pfeifer as directors of the company, contingent upon, and effective immediately following, the effectiveness of the previously announced separation of the company's Cranes and Foodservice businesses into two independent publicly-traded companies (the Separation"), to each serve until the company's next annual meeting of shareholders and until his or her respective successor is duly elected and qualified. Mr. Pennypacker was appointed as a director in accordance with the terms of his offer letter, which was accepted on December 28, 2015. Also on January 20, 2016, Roy V. Armes and Keith D. Nosbusch, current directors of the company, informed the company that they each would be retiring from the Board and the Corporate Governance Committee, effective immediately following the effectiveness of the separation.

Mr. Alapont, retired as President and Chief Executive of Federal-Mogul Corporation, in 2012 after serving in such roles since 2005. Mr. Alapont also served as a director of Federal-Mogul until 2013. Prior to joining Federal-Mogul, Mr. Alapont served as Chief Executive Officer and as a director of Fiat Iveco, S.p.A., from 2003 until 2005.

Mr. Alapont currently serves a director of Hinduja Automotive Limited and he was a director of Mentor Graphics Corporation until 2012. Ms. Cooney, has served as President, Process Industries and Drives of Siemens Industry, Inc., since 2014. Since joining Siemens in 2001, Ms. Cooney has held a variety of high-level management positions, including serving as Chief Operating Officer, Siemens Healthcare Diagnostics from 2011 until 2014, and as President, Drives Technologies of Siemens Industry, Inc. from 2008 until 2011.

She previously held various positions with increasing responsibility at General Electric Company and also served as Vice President, Manufacturing of Aladdin Industries, LLC. Mr. Myers, retired as President - Building Efficiency of Johnson Controls, Inc., in 2014 after serving in such role since 2005. Mr. Myers previously served as President and Chief Executive Officer, as well as a director, of York International Corporation, from 2004 until York was acquired by Johnson Controls in 2005.

Prior thereto, he held other positions with increasing responsibility at York, including serving as Executive Vice President and Chief Financial Officer. Mr. Myers previously served as a Senior Manager at KPMG LLP. Mr. Pennypacker, has served as President and Chief Executive Officer of the company's Cranes segment since December 2015, and following the separation, Mr. Pennypacker will become the company's President and Chief Executive Officer.

Mr. Pennypacker previously served, since 2013, as Founder, President and Chief Executive Officer of Quantum Lean LLC. Dino J. Bianco, Joan K. Chow and Cynthia M. Egnotovich, current directors of the company, are expected to become directors of Manitowoc Foodservice, Inc. As a result, Mr. Bianco, Ms. Chow and Ms. Egnotovich will no longer serve as directors of the company immediately following the effectiveness of the separation.