CLEVELAND, Oct. 3, 2019 /PRNewswire/ -- The Boards of Directors of Hyster-Yale Materials Handling, Inc. (HY) and Hyster-Yale Group, Inc. ("HYG"), the Company's wholly owned operating subsidiary, announced today that Colin Wilson will retire as the operating company's President and Chief Executive Officer, and as President and Chief Executive Officer, HYG of Hyster-Yale Materials Handling effective December 31, 2019. Mr. Wilson joined HYG in 1988 and has served as HYG's President and Chief Executive Officer since September 2014. During Mr. Wilson's tenure as CEO, he has overseen a deepening of the Company's product portfolio through the acquisitions of Nuvera Fuel Cells, Inc. (fuel cell power options), Bolzoni S.p.A. (attachments) and Speedshield Distribution (telematics), as well as a broadening of the Company's geographic and lower cost product presence through the acquisition of a controlling interest in Zhejiang Maximal Forklift Co., Ltd.
Effective January 1, 2020, Rajiv K. Prasad will become President and Chief Executive Officer of HYG and President and Chief Executive Officer, HYG of Hyster-Yale Materials Handling. Mr. Prasad has over 12 years of experience with HYG, most recently as Chief Product and Operations Officer where he oversees all product development, supply chain, manufacturing strategy, digital solutions and IT activities. Mr. Prasad also provides executive leadership for the Nuvera business and, from July 1, 2019, all of the lift truck operations.
About Hyster-Yale Materials Handling
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Hyster-Yale Group also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale Materials Handling, Inc. and its subsidiaries, visit the Company's website at www.hyster-yale.com.
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