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
Reitz, CEO of Titan International, Inc. — maker of Titan
Tires, Titan Wheels, Goodyear® Farm Tires and ITM Steel
Undercarriage (Titan) — was named an Entrepreneur Of The
Year® 2023 Midwest Award winner. The Entrepreneur Of The
Year Awards program is one of the preeminent competitive awards for
entrepreneurs and leaders of high-growth companies.
Reitz was selected by an independent judging panel made up of
previous award winners, leading CEOs, investors and other regional
business leaders. The candidates were evaluated based on their
demonstration of building long-term value through entrepreneurial
spirit, purpose, growth and impact, among other core contributions
and attributes.
"This is 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 at Titan. "I couldn't be more
proud to lead the One Titan team that is deeply committed to
serving our customers with market-leading products and successfully
navigated a challenging business climate the past few years. Our
One Titan team has been on a transformative journey that has
positioned us well for the future."
Building momentum for a record year
Under Reitz's
leadership, Titan reached record levels in sales ($2.17 billion), adjusted EBITDA ($253 million), adjusted net income ($140 million) and free cash flow ($114 million) in 2022. This success, however, was
years in the making. Since joining Titan as Chief Financial Officer
in 2010 — and later getting promoted to President in 2014 and CEO
in 2017 — Reitz has personally spearheaded a number of global and
strategic initiatives that have drastically improved operating
efficiency and financial health for the Company, including:
- Helped solidify the licensing agreement expansion with
Goodyear® Tire & Rubber Company to allow Titan the
ability to distribute the Goodyear® Farm Tire brand into
127 additional countries.
- Launched the One Titan framework — an internal initiative that
brought together the Company's global team in a way that
significantly improved collaboration, efficiency and
decision-making.
- Safely remained in operation after being deemed critical
infrastructure by numerous national governments during the COVID-19
pandemic.
- Fortified Titan's balance sheet from a position of weakness to
a strength with healthy cash flow, low debt leverage profile, and
the ability to drive strong future capital allocation including
organic/inorganic growth opportunities.
- Developed a framework and built a team responsible for defining
environmental, social and governance (ESG) global corporate
strategy while aligning with numerous United Nations Global Compact
policies.
Award details
As a Midwest award winner, Reitz is now
eligible for consideration for the Entrepreneur Of The Year 2023
National Awards. The National Award winners including the
Entrepreneur Of The Year National Overall Award winner will be
announced in November at the 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 World Entrepreneur Of The Year® Award in June
2024.
Past Entrepreneur Of The Year honorees include inspirational
leaders and entrepreneurs such as: Daymond
John of FUBU, Howard Schultz
of Starbucks Coffee Company, James
Park of Fitbit, and Reid
Hoffman and Jeff Weiner of
LinkedIn Corporation.
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.
EY refers to the global organization, and may refer to one or
more of the member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global
Limited, a UK company limited by guarantee, does not provide
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For more information about our organization, please visit
ey.com.
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SOURCE Titan International, Inc.