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Source: Manitou Group news release

The Manitou Group board of directors has named Michel Denis as the group's new president and chief executive officer.

Denis replaces interim president and CEO Dominique Bamas who was appointed to the position in March 2013. Bamas' resignation was amicable and in accordance with agreements made with the board to step down once a permanent replacement was found.

"After having assisted the Board for several years as a Director, (Bamas) made himself available at a pivotal moment in our history that required a realignment between profitability and development," said board Chairman Marcel Braud in a prepared statement. "During this period he stabilised financing for the next five years, reduced the debt and initiated a combination of optimisation programs and developments from which the group should benefit in the upcoming years."

Denis, 48, is a graduate of the French business school ESSEC as well as French engineering school Ecole Centrale de Lyon. Most recently he served as CEO of the Fraikin Group, Europe's leader in truck rentals.

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