News & Events

CPM Announces CEO Transition

WATERLOO, Iowa| August 15, 2019

CPM Holdings, Inc. (CPM), a leading supplier of process equipment and technology for the animal feed, oilseed, engineered materials, and food processing industries, has announced a transition in executive leadership.

Ted Waitman, CPM president and chief executive officer, retired July 1 after more than 40 years with the company. Jeff Drees, who previously served as president and officer for Herff Jones, has been named CPM’s new CEO.

"I am incredibly grateful to the many current and past CPM colleagues who, through their hard work and dedication, contributed to the continued success and growth of the business while maintaining the culture and values that make this company great," Waitman said. "It has been an honor and privilege to be part of CPM. I remain fully confident in the company's future success under Jeff's leadership."

“I remain fully confident in the company's future success under Jeff's leadership.”

Waitman joined CPM in 1978. Before taking the helm as CEO, he served in a variety of roles, including manufacturing engineer, plant manager, worldwide manufacturing manager, and general manager. This background in sales, engineering, manufacturing, and general management allowed Waitman to transition CPM from a pellet mill equipment company to the aligned, process, and systems company it is today.

Drees was chosen after a rigorous selection process, and his demonstrated leadership success at multiple organizations set him apart. Prior to Herff Jones, he served as president and officer of Flowserve's Industrial Product Division, where he drove growth and business investment. He spent 12 years at Schneider Electric, working his way up to president of the U.S. organization. Additionally, Drees has experience at Caterpillar, Inc. and Honeywell, Inc., and spent six years in the U.S. Air Force.

"I am excited to be joining CPM and leading the company during a period of tremendous opportunity," Drees said. "I look forward to utilizing my experience running global industrial businesses to build upon CPM's strong history."

To assist with the transition, Waitman will continue serving CPM in an advisory capacity through December 2020.