Byrne Retires From Manitowoc Marine Group

October 10, 2002

The Manitowoc Company announced that Thomas J. Byrne, president and general manager of Manitowoc Marine Group and vice president of The Manitowoc Company, will retire at the end of 2002. Dennis McCloskey, current vice president and general manager of the Marinette Marine Corporation, will succeed him in overseeing all aspects of Manitowoc Marine Group, including Marinette Marine, Bay Shipbuilding, and the company's Toledo and Cleveland operations. Byrne played a key role in the growth of Manitowoc's marine business, generating many commercial and government contracts and assimilating Marinette Marine after it was acquired in 2000. Prior to his role of president and general manager, Byrne served as vice president of business development from 1998 through 2000. "It has been an honor and a privilege to be part of the Manitowoc family and to help grow the marine business throughout the past few years," said Byrne. "The top quality ships that we build and repair are a direct result of the unrivaled expertise of our highly skilled workforce." Byrne will work closely with McCloskey to ensure the smooth transition of his responsibilities and will assist Terry D. Growcock, Manitowoc's president and chief executive officer, in a number of business development issues through the end of 2002. "Manitowoc Marine Group has forged a reputation for commitment to quality and performance that is unequalled by any other shipyard, largely due to the leadership of Tom Byrne," said Growcock. "We thank Tom for his dedication and success in navigating the course of our founding business segment."

Byrne Retires From Manitowoc Marine Group

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