Modern Group, one of the nation’s largest distributors of material handling equipment, forklifts, construction equipment and power systems has named Paul Farrell CEO and president beginning May 1. Farrell, who was named president in November 2012, will take over for Dave Griffith, who had been chairman and CEO and will retain his role as Modern Group chairman.
Griffith said in a letter to Modern Group employees and ESOP members that his stepping away from day-to-day operations and focusing on responsibilities as chairman accomplishes two strategic objectives. “First it once again gives Modern a single individual with responsibility for the overall day-to-day management of the business, customer and vendor relations, employee welfare, and strategy implementations,” Griffith wrote. “Second, it continues to reduce our overhead expense to be more in line with our current revenues. This transition has been planned and part of our long-term strategy for the business. I can step away at this time given that Modern is financially secure and once again growing.”
Griffith added that the promotion of Farrell is “the natural evolution of a plan that has been in place for several years. Paul’s leadership is extraordinary and as a team we’ve successfully managed the company through the recent recessionary years. Our future is strong and Paul is a great choice to be the third CEO in our 67-year company history.”
“Working with Dave has been an invaluable experience in learning all the facets of Modern’s business,” said Farrell. “His business acumen is second to none and his continued role as chairman allows us the opportunity to continue to access his experience.”
Griffith has been with Modern since 1992. Farrell joined the company in 2004.
Modern Group, based in Bristol, Pa., is also active in rental and was a perennial RER 100 company until it sold its aerial equipment assets to Trico Lift in late 2010.
