Leadership Changes at Mayville Engineering Company
Mayville Engineering Company (NYSE: MEC), a prominent provider of engineering and manufacturing solutions, is undergoing a significant leadership transition. The company has announced the upcoming departure of its Chief Financial Officer, Todd Butz, effective June 30, 2025. This transition is crucial as it paves the way for Rachele Lehr, the current Chief Human Resources Officer, to step into the role of CFO starting April 22, 2025, following the annual shareholders' meeting.
Introducing Rachele Lehr: The New Chief Financial Officer
Rachele Lehr’s appointment comes after a comprehensive search process aimed at finding a leader who possesses both financial expertise and business acumen. With over 25 years of experience spanning corporate finance, external reporting, and strategic planning, Ms. Lehr stands out as an excellent choice for MEC. Her track record of fostering organizational change showcases her ability to lead the finance team effectively during this pivotal period.
Career Milestones Leading to MEC
Before bringing her talents to Mayville Engineering in 2023, Rachele served at Briggs & Stratton for nearly 15 years, where she undertook various senior financial roles. Her career began at PricewaterhouseCoopers (PwC), where she successfully managed audit engagements for numerous public companies. Rachele holds a Bachelor of Science in Business Administration with a Major in Accounting from Marquette University and is a certified public accountant, currently inactive.
Vision for the Future
The President and CEO of MEC, Jag Reddy, expressed excitement about Rachele Lehr's leadership transition. He emphasizes the importance of Rachele's strategic leadership in steering the company’s growth initiatives. Reddy acknowledged Todd Butz's significant contributions during his 17-year tenure, highlighting the solid financial foundation he built and wishing him well in his future endeavors.
Strategic Goals and Commitment to Growth
In her new role, Rachele aims to drive long-term value creation for customers and shareholders alike. She sees this as an exciting opportunity to leverage MEC's strengths and lead initiatives that will facilitate growth and innovation in their manufacturing processes. The organization remains focused on its vision of being a market leader in industrial solutions.
Financial Outlook and Company Commitment
Mayville Engineering Company also took this moment to reinforce its financial guidance for the full year of 2024. By maintaining transparency and clarity with stakeholders, MEC aims to uphold their reputation for strong performance and reliable leadership.
About Mayville Engineering Company
Founded in 1945, MEC has established itself as a leading manufacturing partner in the U.S. The company specializes in offering comprehensive manufacturing solutions, including prototyping, tooling, fabrication, and more. They serve a wide array of industries such as commercial vehicles, construction, agriculture, and military applications. MEC operates 23 facilities across seven states, all equipped with extensive manufacturing capabilities like CNC stamping, laser cutting, and various finishing techniques. They are committed to ensuring customer satisfaction and long-term growth.
Frequently Asked Questions
Who is the new CFO of Mayville Engineering Company?
The new CFO is Rachele Lehr, who takes over from Todd Butz effective April 22, 2025.
When will Todd Butz officially leave the company?
Todd Butz's departure is set for June 30, 2025, marking the end of his 17-year tenure with MEC.
What experience does Rachele Lehr bring to her new role?
Rachele brings over 25 years of experience in corporate finance, external reporting, and strategic planning, making her well-qualified for the CFO position.
What are the strategic goals for MEC moving forward?
MEC aims to drive long-term value creation for both customers and shareholders by leveraging its strengths and fostering innovation.
What type of industries does MEC serve?
MEC serves diverse industries including heavy-duty vehicles, construction, agriculture, and military, providing a range of manufacturing solutions.
