Entrepreneur of the Year honors ambitious entrepreneurs building a bolder future
CHICAGO, May 11, 2023 /PRNewswire/ — Ernst & Young LLP (EY US) today announced that Paul ReitzCEO of Titan International, Inc. — maker of Titan Tires, Titan Wheels and Goodyear® Farm Tires (Titan) — was named Entrepreneur of the Year® 2023 Midwest Award Finalist. The Entrepreneur of the Year Award, now in its 37th year, is one of the most prestigious business awards given to transformative entrepreneurs and leaders of high-growth companies who are building a a fairer, more sustainable and more prosperous world for all.
Paul Reitz – CEO and President
Reitz was selected by an independent jury. Entrepreneurs were evaluated based on their ability to create long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.
“I am honored to be in consideration for this award among the many talented leaders who could have been selected,” said Paul Reitz, CEO of Titan. “I am incredibly proud of what we have been able to achieve at Titan, and I certainly have not done it alone. Our One Titan team has excelled in adapting to business challenges with resilience and tireless effort over the past several years – ultimately leading to a record year in 2022.”
Driving strategic global growth
Reitz joined Titan as CFO in 2010 and was later promoted to President in 2014 and then CEO in 2017. During this time, he was instrumental in driving the company’s global growth strategy and implementing processes that significantly improve operational efficiency and global performance. and financial health.
In 2015, he led the expansion and extension of the licensing agreement with Goodyear.® Tire & Rubber Company to allow Titan to distribute Goodyear® Farm Tire in 127 additional countries — a move that significantly increased and diversified the company’s global presence. That same year, he developed and launched the One Titan framework, an initiative that brought the company’s global team together in an operating environment that fostered teamwork, mutual accountability and information sharing that set the stage for Titan to navigate a challenging business climate. in the years to come. Through enhanced global collaboration and a number of strategic investment and divestment decisions, Reitz and his team were able to successfully navigate several years of depressed end-user markets, followed by the COVID-19 pandemic, at during which Titan (and most of its 20 global production facilities) were considered critical infrastructure by many national governments. Reitz and his team kept factories operating safely and successfully, to maintain the uninterrupted supply chain for the farmers who feed the world and the construction industry that maintains our critical infrastructure.
Throughout this period, Reitz has ensured that innovation, research and development remain key priorities, continuing to build on the success of unique innovations in the industry such as low-cost technology. side wall.® (LSW®) – a technology that not only significantly improves farmers’ performance in the field, but also protects their most valuable asset, the soil.
Coming out of the pandemic, under Reitz’s leadership, the Company experienced a record year in 2022, reaching $2.17 billion in sales (an all-time high), a record adjusted EBITDA of $253 million (from $135 million in 2021), a record adjusted net income of $140 millionrecord free cash flow of $114 million and the stock price quadrupled compared to the start of 2020. All of this was achieved while simultaneously making significant efforts towards environmental, social and governance (ESG) initiatives. Titan presented the first CSR report in 2021 and developed a number of policies to align with the UN Global Compact – focusing on human rights policy, labor management policy, occupational health and safety policy, diversity and inclusion policy, environmental policy and conflict minerals policy.
Recognition to come
Regional award winners will be announced on June 21, 2023, during a special celebration. The winners will then be considered by national judges for the national Entrepreneur of the Year awards, which will be presented in November at the annual Strategic Growth Forum.®, one of the most prestigious gatherings in the country bringing together leading companies in their high-growth markets. The winner of the national Entrepreneur of the Year award will then compete for the EY World Entrepreneur Of The Year™ award in June 2024.
The Entrepreneur of the Year program has recognized more than 11,000 entrepreneurs across the United States since its inception in 1986, and it has grown to recognize business leaders in 145 cities in more than 60 countries across the world.
About Titan International, Inc.
Titan International, Inc. (NYSE: TWI) is one of the world’s leading manufacturers of off-road wheels, tires, assemblies and undercarriage products. Based at Illinois, the company manufactures a wide range of products to meet the specifications of original equipment manufacturers (OEM) and aftermarket customers in the agricultural, earthmoving/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 presenting 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 awards program for invincible entrepreneurs. These visionary leaders bring the innovation, growth and prosperity that transform our world. The program engages entrepreneurs with ideas and experiences that promote 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 Global Award winners then 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 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 finance, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/us/private.
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SOURCE Titan International, Inc.
