Ernst & Young names Paul Reitz of Titan as Entrepreneur of the Year 2023 Award Finalist
Chicago, IL – Ernst & Young LLP (EY US) announced that Paul Reitz, CEO of Titan International, Inc. — maker of Titan Tires, Titan Wheels and Goodyear® Farm Tires (Titan) — has been named an Entrepreneur Of The Year® 2023 Midwest Award finalist. Now in its 37th year, Entrepreneur Of The Year is one of the preeminent competitive business awards for transformative entrepreneurs and leaders of high-growth companies who are building a more equitable, sustainable and prosperous world for all.
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, growth and impact, among other core contributions and attributes.
“I’m honored to be in consideration for this award among the many talented leaders who could have been selected,” said Paul Reitz, CEO at Titan. “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.”
Driving Strategic Global Growth
Reitz joined Titan as Chief Financial Officer in 2010 and was later promoted to President in 2014, followed by CEO in 2017. During this time, he has been instrumental in driving the Company’s global growth strategy and implementing processes that significantly improve global operating efficiency, performance and financial health.
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 were able to successfully navigate through several years of depressed end user markets, followed by the COVID-19 Pandemic, during which time 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, so as to keep the supply chain uninterrupted for the farmers who feed the world and the construction industry that maintains our critical 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® (LSW®) – a technology that not only drastically improves in-the-field performance for farmers, but also protects farmers’ most precious asset, the soil.
Emerging from the Pandemic, under Reitz’s leadership, 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. All this was achieved while simultaneously putting significant effort toward environmental, social and governance (ESG) initiatives. Titan introduced the Company’s first CSR report in 2021 and expanded upon a number of policies to align with the United Nations Global Compact — focusing on human rights policy, labor management policy, occupational health & safety policy, diversity & inclusion policy, environmental policy and conflict minerals policy.
Recognition to Come
Regional award winners will be announced on June 21, 2023, during a special celebration. The winners will then 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 then 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 US since its inception in 1986, and it has grown to recognize business leaders across 145 cities in over 60 countries around the world.