WATERLOO, Iowa, June 28, 2019 /PRNewswire/ -- Effective July 1, 2019, President and Chief Executive Officer, Ted Waitman, will retire from CPM. Jeff Drees, currently Herff Jones' President and Officer, has been selected as CPM's new Chief Executive Officer to succeed Ted upon his retirement. Ted will continue to provide ongoing support to CPM in an advisory role to assist in the transition period through December 2020.
Ted joined CPM in 1978 and served in a variety of roles, including manufacturing engineer, plant manager, worldwide manufacturing manager, and general manager, before taking the helm as CEO. With rich experience in sales, engineering, manufacturing and general management, Ted ushered CPM from a pellet mill equipment company to the aligned, process, and systems company it is today.
"I am incredibly grateful to the many current and past CPM colleagues who, through their hard work and dedication, contributed to the continued success and growth of the business while maintaining the culture and values that make this company great. It has been an honor and privilege to be part of CPM," commented Ted. "I remain fully confident in the company's future success under Jeff's leadership."
Jeff was chosen through a rigorous selection process for his demonstrated leadership success at multiple organizations. Prior to his role at Herff Jones, Jeff served as President and Officer of Flowserve's Industrial Product Division, driving growth and business investment. Previously, He spent 12 years at Schneider Electric, starting as a Branch Manager and working his way up to President of the U.S. organization. Jeff also has experience at Caterpillar, Inc. and Honeywell, Inc., and spent six years serving his country in the U.S. Air Force. He holds an associate's degree from the U.S. Air Force, a bachelor's degree from Southern Illinois University, an MBA from Aurora University, and an Executive Business Program certificate from the Insead School of Business in Paris, France.
"I am excited to be joining CPM and leading the company during a period of tremendous opportunity," said Jeff. "I look forward to utilizing my experience running global industrial businesses to build upon CPM's strong history."
"We congratulate Ted on his forthcoming retirement," commented Michael Sand, a Managing Director at American Securities and Chairman of the CPM Board of Directors. "He created a strong vision at CPM and the company is well-positioned for this transition due to Ted having built a world-class management team around him. We are excited that Jeff has been selected for the role. He will be instrumental in driving CPM's future growth by continuing to build upon the company's history of product leadership and customer service."
Established in 1883, CPM is a leading supplier of process equipment and technology for the animal feed, oilseed, bioenergy, compounding, engineered materials and human food processing industries. CPM's pelleting, extraction, grinding, flaking, extrusion, thermal processing and automation equipment excel in the most demanding applications. CPM's California Pellet Mill, Crown, CPM Extrusion, and CPM Thermal Processing business segments design, produce and support equipment and systems under globally recognized brands, including Beta Raven, California Pellet Mill, Roskamp, Champion, Di Più, Crown, Century, Ruiya, Extricom, Greenbank, Proline, TSA Griddle, and Wolverine Proctor. CPM has more than 1,000 employees with production facilities in the Americas, Europe, and Asia. For more information, visit corporate.cpm.net.
SOURCE CPM Holdings, Inc.