Michael Peterman, 43, general manager, has been promoted to president and CEO of the Elk Grove Village, Illinois-based company. Parmley will remain on the Savage Bros. Co. board of directors and serve in an advisory capacity.
Savage Bros Co. manufactures confectionery equipment and was founded in 1855 by siblings Richard and Edward Savage, making it one of the oldest companies in the Chicagoland area.
For 120 years, the company stayed under Savage family ownership. In 1975, business partners David Floreani and Bob Parmley purchased the business. Parmley served in his most recent role since February 2011, previously serving as CFO.
Parmley has played a defining role in building Savage into the brand that it is today by expanding into new markets, acquiring new lines of equipment, and cultivating deep customer loyalty through a mission to help new candymakers succeed. During his time as president, he also led Savage into a partnership with the Toyota Production System Support Center to improve processes and focus on lean manufacturing.
“I have the utmost confidence in Michael with his management and skilled labor team to continue to manufacture machinery of high quality, solid reliability, and strong value," Parmley said. "It is the right time for me to step aside and allow the next generation led by Michael to continue the 166 year legacy of Savage Bros. Co.”
Peterman has been with the company for more than 18 years. A mechanical engineer, he has served as a CAD draftsman, design engineer, and engineering manager, and he has been general manager of the day-to-day operations of the company for the past five years.