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 ReitzCEO of Titan International, Inc. — maker of Titan Tires, Titan Wheels, Goodyear® Farm Tires and ITM Steel Undercarriage (Titan) – was named Entrepreneur of the Year® 2023 Midwest Award Winner. The Entrepreneur Of The Year Awards program is one of the most competitive awards for entrepreneurs and leaders of high-growth businesses.
Earnst & Young Announces Titan’s Paul Reitz as the 2023 Midwest Entrepreneur Of The Year® Award Winner
Reitz was selected by an independent judging panel of past winners, CEOs, investors and other regional business leaders. Candidates were evaluated based on their demonstration of creating long-term value through entrepreneurship, purpose, growth, and impact, among other critical contributions and attributes.
“It’s 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 of Titan. “I couldn’t be prouder to lead the One Titan team who are deeply committed to serving our customers with market-leading products and who have successfully navigated a challenging business climate over the past few years. Our One Titan team has undertaken a transformative journey that has positioned us well for the future.”
Building momentum for a record year
Under Reitz’s leadership, Titan reached record sales levels ($2.17 billion), Adjusted EBITDA ($253 million), adjusted net income ($140 million) and free cash flow ($114 million) in 2022. This success, however, took years to prepare. Since joining Titan as CFO in 2010 – and later being promoted to President in 2014 and CEO in 2017 – Reitz has personally led a number of global and strategic initiatives that have significantly improved the operational efficiency and financial health of the company, including:
- Helped solidify expansion of license agreement with Goodyear® Tire & Rubber Company will allow Titan to distribute the Goodyear® the Farm Tire brand in 127 additional countries.
- Launched the One Titan Framework – an internal initiative that brought the company’s global team together in a way that dramatically improved collaboration, efficiency and decision-making.
- Safely remained operational after being considered critical infrastructure by many national governments during the COVID-19 pandemic.
- Titan’s fortified balance sheet from a position of weakness to strength with healthy cash flow, low leverage profile and ability to generate strong future capital allocation including organic/inorganic growth opportunities.
- Development of a framework and creation of a team responsible for defining environmental, social and governance (ESG) issues) global business strategy while aligning with many UN Global Compact policies.
Price details
As the winner of the Midwest Award, Reitz is now eligible for consideration for the 2023 National Entrepreneur of the Year Awards. the year, will be announced in November during the Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The winner of the overall National Entrepreneur of the Year award will then move on to compete for the Global Entrepreneur of the Year® Price in June 2024.
Past Entrepreneur of the Year winners include inspiring leaders and entrepreneurs such as: John Daymond of FUBU, Howard Schultz of Starbucks Coffee Company, James Park from Fitbit, and Reid Hoffman And Jeff Weiner of LinkedIn Corporation.
About Titan International, Inc.
Titan International, Inc. (NYSE: TWI) is one of the world’s leading manufacturers of off-road wheels, tires, assemblies and undercarriages. Based at Illinoisthe company produces a wide range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthwork/construction and consumer markets. In United Statesthe company produces two distinct tire brands – Goodyear® Agricultural tires and Titan tires.
Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur of the Year awards include sponsors PNC Bank, NA; 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 rewards program for unstoppable entrepreneurs. These visionary leaders bring innovation, growth and prosperity that are transforming our world. The program engages entrepreneurs with ideas and experiences that drive 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 more than 60 countries. National Overall Award winners continue 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’s professionals have the experience and passion to help private companies and their owners unlock the full potential of their ambitions. EY Private Teams offer distinct perspectives born from EY’s long history of working with business owners and entrepreneurs. These teams support the full spectrum of private businesses, including private equity managers and investors and the portfolio companies they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/us/private.
About EY
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SOURCETitan International, Inc.
