On May 9, 2023, Hyster-Yale Materials Handling, Inc., as part of its long-term succession planning, appointed Rajiv K. Prasad, age 59, as President and Chief Executive Officer of the Company, effective May 9, 2023. Alfred M. Rankin, Jr., who has served as the Company's Chairman and CEO, assumed the role of Executive Chairman of the Board of Directors of the Company, Effective May 9, 2023. Mr. Prasad has served as the President of the Company from May 2022 to present, the President and Chief Executive Officer of Hyster-Yale Group, Inc. from January 2020 to present, the Chief Product and Operations Officer of HYG from February 2018 to December 2019 and the Senior Vice President Global Product Development, Manufacturing and Supply Chain Strategy from prior to 2018 to February 2018.

With over 15 years of service in the Company's senior management, including as President and Chief Executive Officer of HYG, which includes both Nuvera Fuel Cells, LLC and Bolzoni S.p.A. as well as the lift truck business, Mr. Prasad has extensive knowledge of the Company's operations and strategies. His engineering and product development experience will also allow him to provide invaluable insight into the Company's long-term strategic plans.