Titan CEO named as finalist for Entrepreneur of the Year Midwest Award from Ernst & Young
QUINCY — Ernst & Young, LLP, recently announced that Paul Reitz, CEO and president of Titan International, Inc., has been named an Entrepreneur Of The Year Midwest Award finalist.
Now in its 37th year, Entrepreneur Of The Year is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies.
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 and growth and impact, among other core contributions and attributes.
In a press release, Reitz said, “I’m honored to be in consideration for this award among the many talented leaders who could have been selected. 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.”
Reitz joined Titan as chief financial officer in 2010. He was promoted to president in 2014 and CEO in 2017.
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 successfully navigated through several years of depressed end user markets, followed by the COVID-19 pandemic, during which 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, keeping the supply chain uninterrupted for the farmers who feed the world and the construction industry that maintains 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, which not only drastically improves in-the-field performance for farmers but also protects farmers’ most precious asset — the soil.
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.
Regional award winners will be announced on June 21. The winners then will 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 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 U.S. since its inception in 1986. It has grown to recognize business leaders across 145 cities in more than 60 countries around the world.
Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies and undercarriage products. Headquartered in Quincy, the company produces a broad range of products to meet the specifications of original equipment manufacturers 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.
For more information about Ernst & Young, visit ey.com.
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