Savage Bros. Co. President and CEO Bob Parmley retires

General Manager Michael Peterman will be promoted to president and CEO.

Bob Parmley, outgoing president and CEO, Savage Bros. Co.

Bob Parmley, 77, Savage Bros. Co. president and CEO, has retired, effective May 1.

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.”

Michael Peterman, incoming president and CEO, 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.

“Bob’s contributions to Savage have been significant, but most impactful would be his remarkable commitment to people — both customers and employees," Peterman said. "He would never recommend a piece of equipment that didn’t make sense for a customer and always put a strong emphasis on retaining the Savage workforce even through economic downturns. On behalf of the entire Savage team, I want to express our gratitude to Bob and wish him the best in retirement. He has done a great job preparing the next generation of leaders to carry on the Savage Bros. Co. legacy."