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WAYNE, PA --

Gardner Denver is under new management after President and CEO Barry Pennypacker resigned Monday, July 16, 2012.

The board of directors has announced Vice President and Chief Financial Officer Michael Larsen has been named interim CEO effective immediately.

"We thank Barry for his service to the company and wish him well in his new endeavors," Diane Schumacher, board chairperson said. "Gardner Denver is a strong company and we have a strong transitional leadership plan, which includes the return of T. Duane Morgan to lead the Engineered Products Group. As we move forward, we are very pleased to have a leader with Michael M. Larsen's credentials as interim CEO."

According to Gardner Denver, Mr. Larsen will continue to oversee all company financial matters, including mergers and acquisitions, and will retain his CFO responsibilities during the interim period. Having served as vice president and chief financial officer since 2010, Mr. Larsen has played a key role in defining and driving Gardner Denver's growth strategy in 2011.

"I am proud of the progress and results we achieved in my years with the company, which is well positioned for a strong future. Gardner Denver has a talented leadership team supported by a dedicated and customer-focused workforce. I wish them only the best," Barry L. Pennypacker said.

"It's an honor to be selected for this role and I accept with the clear goal of continuing to move the company forward by executing Gardner Denver's lean strategy for profitable growth," Michael M. Larsen, interim chief executive officer and chief financial officer said.

Prior to joining Gardner Denver, Mr. Larsen served as chief financial officer for General Electric Water & Process Technologies, a global organization with revenues of approximately $2 billion and 7,500 employees. His previous experience includes more than 15 years with General Electric Company, where he served in a variety of financial leadership roles in GE Plastics, GE Industrial, GE Energy Services and GE Power & Water. He joined GE's European Healthcare organization in Paris, France in 1995 and served on GE's Corporate Audit staff for six years.

The company didn't offer a reason for Mr. Pennypacker's departure.

The nominating and corporate governance committee of the board of directors will oversee the search for the next CEO.

The company plans to release second quarter results on Thursday, July 19, 2012 after the market close followed by a conference call on July 20, 2012 at 8:30 a.m. ET. Additional details on the conference call can be found on the investors section of the company's website.