Entrepreneur Of The Year celebrates ambitious
entrepreneurs who are building bolder futures
CHICAGO, May 11, 2023
/PRNewswire/ -- Ernst & Young LLP (EY US) today announced that
Paul Reitz, CEO of Titan
International, Inc. — maker of Titan Tires, Titan Wheels and
Goodyear® Farm Tires (Titan) — has been named an
Entrepreneur Of The Year® 2023 Midwest Award finalist.
Now in its 37th year, Entrepreneur Of The Year is one of the
preeminent competitive business awards for transformative
entrepreneurs and leaders of high-growth companies who are building
a more equitable, sustainable and prosperous world for all.
Reitz was selected by an independent panel of judges.
Entrepreneurs were evaluated based on their demonstration of
building long-term value through entrepreneurial spirit, purpose,
growth and impact, among other core contributions and
attributes.
"I'm honored to be in consideration for this award among the
many talented leaders who could have been selected," said
Paul Reitz, CEO at Titan. "I'm
incredibly proud of what we've been able to achieve at Titan, and I
certainly didn't do 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-setting year in 2022."
Driving Strategic Global Growth
Reitz joined Titan as
Chief Financial Officer in 2010 and was later promoted to President
in 2014, followed by CEO in 2017. During this time, he has been
instrumental in driving the Company's global growth strategy and
implementing processes that significantly improve global operating
efficiency, performance and financial health.
In 2015, he shepherded an expansion and extension of the
licensing agreement with Goodyear® Tire & Rubber
Company to allow Titan the ability to distribute the
Goodyear® Farm Tire brand into 127 additional countries
— a decision that significantly grew and diversified the
Company's global footprint. That same year, he developed and
launched the One Titan framework — an initiative that brought
together the Company's global team in an operating environment that
fostered teamwork, accountability to each other, and information
sharing that set the stage for Titan navigating through a
challenging business climate in the years to come. Through improved
global collaboration, and a number of strategic investment and
divestment decisions, Reitz and team were able to successfully
navigate through several years of depressed end user markets,
followed by the COVID-19 Pandemic, during which time Titan (and
most of its 20 global production facilities) were deemed critical
infrastructure by numerous national governments. Reitz and team
safely and successfully kept plants in operation, so as to keep the
supply chain uninterrupted for the farmers who feed the world and
the construction industry that maintains our critical
infrastructure.
Throughout this time, Reitz ensured innovation and research and
development remained key priorities, thereby continuing to expand
upon the success of industry-unique innovations such as Low
Sidewall Technology® (LSW®) – a
technology that not only drastically improves in-the-field
performance for farmers, but also protects farmers' most precious
asset, the soil.
Emerging from the Pandemic, under Reitz's leadership, the
Company had a record-setting year in 2022, reaching $2.17 billion in sales (an all-time high), record
adjusted EBITDA of $253 million (up
from $135 million in 2021), record
adjusted net income of $140 million,
a record free cash flow of $114
million and share price that increased by four-fold compared
to early 2020. All this was achieved while simultaneously putting
significant effort toward environmental, social and governance
(ESG) initiatives. Titan introduced the Company's first CSR report
in 2021 and expanded upon a number of policies to align with
the United Nations Global Compact — focusing on human rights
policy, labor management policy, occupational health & safety
policy, diversity & 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 the
National judges for the Entrepreneur Of The Year National Awards,
which will be presented in November at the annual Strategic Growth
Forum®, one of the nation's most prestigious gatherings
of high-growth, market-leading companies. The Entrepreneur Of The
Year National Overall Award winner will then move on to 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 throughout the US since its inception in 1986,
and it has grown to recognize business leaders across 145 cities in
over 60 countries around the world.
About Titan International, Inc.
Titan International,
Inc. (NYSE: TWI) is a leading global manufacturer of
off-highway wheels, tires, assemblies and undercarriage products.
Headquartered in Illinois, the
company produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets. In the United States, the company produces two
distinct tire brands — Goodyear® Farm Tires and Titan
Tires.
Sponsors
Founded and produced by Ernst & Young
LLP, the Entrepreneur Of The Year Awards include presenting
sponsors PNC Bank, N.A.; 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 unstoppable entrepreneurs.
These visionary leaders deliver innovation, growth and prosperity
that transform our world. The program engages entrepreneurs with
insights and experiences that foster 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 over 60
countries. National Overall Award winners go on 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 professionals possess the experience and passion to support
private businesses and their owners in unlocking the full potential
of their ambitions. EY Private teams offer distinct insights born
from the long EY history of working with business owners and
entrepreneurs. These teams support the full spectrum of private
enterprises including private capital managers and investors and
the portfolio businesses they fund, business owners, family
businesses, family offices and entrepreneurs. Visit
ey.com/us/private.
About EY
EY exists to build a better working world,
helping create long-term value for clients, people and society and
build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150
countries provide trust through assurance and help clients grow,
transform and operate.
Working across assurance, consulting, law, strategy, tax and
transactions, EY teams ask better questions to find new answers for
the complex issues facing our world today.
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more of the member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global
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For more information about our organization, please visit
ey.com.
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SOURCE Titan International, Inc.