Ernst & Young Announces Paul Reitz of Titan as Entrepreneur Of The Year® 2023 Midwest Award Winner
Entrepreneur Of The Year celebrates ambitious entrepreneurs who are building a better world
CHICAGO, June 26, 2023 /PRNewswire/ -- Ernst & Young LLP (EY US) today announced that Paul Reitz, CEO of Titan International, Inc. — maker of Titan Tires, Titan Wheels, Goodyear® Farm Tires and ITM Steel Undercarriage (Titan) — was named an Entrepreneur Of The Year® 2023 Midwest Award winner. The Entrepreneur Of The Year Awards program is one of the preeminent competitive awards for entrepreneurs and leaders of high-growth companies.
Reitz was selected by an independent judging panel made up of previous award winners, leading CEOs, investors and other regional business leaders. The candidates were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.
"This is truly an honor to be personally recognized, but ultimately, it's a testament to the fact that we have an exceptional team in place at Titan," said Paul Reitz, CEO at Titan. "I couldn't be more proud to lead the One Titan team that is deeply committed to serving our customers with market-leading products and successfully navigated a challenging business climate the past few years. Our One Titan team has been on a transformative journey that has positioned us well for the future."
Building momentum for a record year
Under Reitz's leadership, Titan reached record levels in sales ($2.17 billion), adjusted EBITDA ($253 million), adjusted net income ($140 million) and free cash flow ($114 million) in 2022. This success, however, was years in the making. Since joining Titan as Chief Financial Officer in 2010 — and later getting promoted to President in 2014 and CEO in 2017 — Reitz has personally spearheaded a number of global and strategic initiatives that have drastically improved operating efficiency and financial health for the Company, including:
Helped solidify the licensing agreement expansion with Goodyear® Tire & Rubber Company to allow Titan the ability to distribute the Goodyear® Farm Tire brand into 127 additional countries.
Launched the One Titan framework — an internal initiative that brought together the Company's global team in a way that significantly improved collaboration, efficiency and decision-making.
Safely remained in operation after being deemed critical infrastructure by numerous national governments during the COVID-19 pandemic.
Fortified Titan's balance sheet from a position of weakness to a strength with healthy cash flow, low debt leverage profile, and the ability to drive strong future capital allocation including organic/inorganic growth opportunities.
Developed a framework and built a team responsible for defining environmental, social and governance (ESG) global corporate strategy while aligning with numerous United Nations Global Compact policies.
Award details
As a Midwest award winner, Reitz is now eligible for consideration for the Entrepreneur Of The Year 2023 National Awards. The National Award winners including the Entrepreneur Of The Year National Overall Award winner will be announced in November at the Strategic Growth Forum®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the World Entrepreneur Of The Year® Award in June 2024.
Past Entrepreneur Of The Year honorees include inspirational leaders and entrepreneurs such as: Daymond John of FUBU, Howard Schultz of Starbucks Coffee Company, James Park of Fitbit, and Reid Hoffman and Jeff Weiner of LinkedIn Corporation.
About Titan International, Inc.
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies and undercarriage products. Headquartered in Illinois, the company produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. In the United States, the company produces two distinct tire brands — Goodyear® Farm Tires and Titan Tires.
Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, N.A.; SAP America; and the Kauffman Foundation. In the Midwest, sponsors also include regional Platinum sponsors, Cresa Global, Inc., DLA Piper, LaSalle Network, and Marsh-McLennan; regional Gold sponsor, Becker Professional Education; and regional Silver sponsor, ADP.
About Entrepreneur Of The Year®
Entrepreneur Of The Year® is the world's most prestigious business awards program for unstoppable entrepreneurs. These visionary leaders deliver innovation, growth and prosperity that transform our world. The program engages entrepreneurs with insights and experiences that foster growth. It connects them with their peers to strengthen entrepreneurship around the world. Entrepreneur Of The Year is the first and only truly global awards program of its kind. It celebrates entrepreneurs through regional and national awards programs in more than 145 cities in over 60 countries. National Overall Award winners go on to compete for the EY World Entrepreneur Of The Year™ title. Visit ey.com/us/eoy.
About EY Private
As Advisors to the ambitious™, EY Private professionals possess the experience and passion to support private businesses and their owners in unlocking the full potential of their ambitions. EY Private teams offer distinct insights born from the long EY history of working with business owners and entrepreneurs. These teams support the full spectrum of private enterprises including private capital managers and investors and the portfolio businesses they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/us/private.
About EY
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
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SOURCE Titan International, Inc.
