IBT announces key organizational changes to support growth demands
IBT Inc. has announced that effective April 1st, 2018, key changes to both its business entity structure and associated organizational leadership responsibilities, were initiated. Michael Flannery, IBT’s President and CEO since 2015, commented, “As our business portfolio has grown, so have the demands to scale up our management focus and desire to accelerate growth, both organically and through increased acquisitions. To support these record growth demands, our new portfolio company was created on April 1st of this year, and is now formally recognized as Cumulus Companies Inc. (CCI).”
Cumulus Companies Inc. is defined by four separate companies within three growth platforms; industrial distribution, conveyance belting products, and aerospace parts manufacturing. Cumulus Companies Inc. will be led by Michael Flannery, President and CEO. Michael will report to the company’s Board of Directors headed up by Stephen Cloud who serves as Chairman.
As a result of the above changes, the company is pleased to announce that also on April 1st, 2018, Jeff Cloud was promoted to the President role for IBT Industrial Solutions, CCI’s largest company, and will report to Michael Flannery, who, in addition to his CCI responsibilities will continue to serve as IBT Industrial Solutions’ CEO. Flannery indicated “This is not only a key step forward and upward for Jeff, but is also a historic step for the Cloud Family.” Jeff Cloud plans to continue his family’s 69-year ownership of the company, which was founded by his grandfather, Forrest L. Cloud, in 1949. “I’m proud of Jeff taking on this opportunity to help IBT move toward a third generation of ownership by our family,” said Stephen Cloud, current owner and Chairman of the Board. Previously, Jeff has served the company in field sales, Regional Management and most recently, V.P., Marketing.