Crane NXT, which manufactures products including those for the gaming sector, announced the appointment of Michael Mahan (pictured) as president of its Crane Payment Innovation (CPI) division, which will begin on July 8. Mahan said in an announcement on Thursday that he will report directly to Aaron Sak, president and CEO of Crane NXT.
“We will drive continued improvement and operational excellence through our CPI growth strategy, accelerating innovation, and utilizing our crane business system,” Mahan said in his role.
Most recently, he was senior vice president of trading and edge business at Schneider Electric. Previously, he worked at GE Appliances and GE Energy.
Crane NXT also said that Kurt Gallo, senior vice president and interim president of CPI, has “decided to retire from the company.”
Gallo will retire in February 2025 “to ensure a smooth leadership transition for Chairman Mahan,” the company said. “It will also help us lead several major projects focused on accelerating the company’s growth strategy,” Gallo added.
In a press release on Thursday, Mr. Sak said of newcomer Mr. Mahan: “Michael brings to this role a wealth of experience that has led innovation and R&D portfolios to accelerate growth within leaders in large multinational organizations and industrial technology markets.”
“Michael’s leadership and proven track record of successful new product launches will help Michael successfully fulfill this role and help CPI create value in new and existing markets,” the CEO added.
In prepared remarks, Mahan said Crane NXT has “huge potential across its entire business.”
He added: “We look forward to working with the CPI leadership team to build the firm’s strong foundation of driving business excellence and amazing entrepreneurship and innovation.” 파워볼실시간
Crane NXT’s net sales for the first quarter of 2024 fell 4.7% year-over-year to $313.6 million. The group’s CPI business segment reported first-quarter net sales of $290 million, down 6.6% year-over-year. The segment’s operating profit was $52.7 million.
In May, Crane NXT announced an increase in its 2024 full-year revenue guidance from 5% to 8% following the $270 million acquisition of Opsec Security Group Ltd.