Cretex Cos. Inc. announced Friday that CEO Lynn Schuler will retire at the end of the month and Jeff Wollerman, president and chief operating officer of the Elk River-based medical manufacturer, will become CEO.
“Over the years, Jeff has led several of our businesses, directed the successful implementation of many strategic initiatives and has earned tremendous respect throughout our organization," Schuler said in a press release. "His collaborative and insightful leadership will serve Cretex Companies well as it positions itself for continued and accelerated growth.”
Schuler has been at Cretex for 36 years, including six years as a business unit president and two years as chief financial officer. During his tenure as CEO, which began in 2008, Schuler oversaw the company's transition from a producer of precast concrete products to providing contract manufacturing and engineering to the medical device industry.
Wollerman joined Cretex in January 2005 as a business unit president, and was promoted to COO in 2008. During his time as COO, Wollerman has supported the company's strategic initiatives.
“I am honored by the opportunity to carry Lynn’s legacy into the future. Cretex is in a unique position with an exceptional team and a strong family ownership group committed to the company’s longevity and continued success," Wollerman said. "Cretex has the unparalleled ability to invest without the pressure of the next quarter’s results or the risk and impact of a change of ownership. This focus on the longer-term is becoming increasingly rare in our industries and drives significant value for our team, customers, and other stakeholders."
Cretex has 2,100 employees at facilities in Minnesota, California and Wisconsin. In 2019, it reported revenue of $430 million, making it Minnesota's 53rd largest private company, according to Business Journal research.
2019 revenue
| Rank | Prior Rank | Name / Rank in 2019 (* not ranked) |
|---|---|---|
1 | 1 | Cargill Inc. |
2 | 2 | CHS Inc. |
3 | 3 | Prime Therapeutics |
