Custom Truck One Source’s current CEO Fred Ross will retire on March 20. The company’s board of directors unanimously approved the promotion of Ryan McMonagle, the company’s current president and chief operating officer, to succeed Ross as CEO.

Ross will continue his employment with the company as founder and will continue to serve as a member of the company’s board of directors. In his role as founder, Ross will assist with the transition of leadership to McMonagle and continue to work on special projects.

“The leadership transition plan that the board has put in place leverages the strengths of the entire executive team and assures that the strategic vision of the company will move forward unabated. Ryan is a proven and capable leader, a strategic thinker and a strong motivator who brings a demonstrated knowledge of CTOS to the CEO role. The board is looking forward to CTOS’s continued growth and prosperity under his leadership,” Marshall Heinberg, chairman of the board of directors at Custom Truck, said. “On behalf of the board of directors, I want to thank Fred for his numerous years of service to Custom Truck One Source. The business he and his family built has served as the cornerstone for what the company is today.”

“Building Custom Truck One Source into the business that it is today has been one of the greatest accomplishments of my life. Leading our employees and serving our customers is something I have been passionate about my entire career,” Ross said. “I have worked with Ryan for more than seven years, and I am confident in his leadership abilities and in the entire team that is in place.”

McMonagle joined Custom Truck One Source as the company’s chief financial officer in 2015, and he was named chief operating officer in 2017 and assumed the additional role of president in 2021.

“I am deeply honored to have the opportunity to build on the enduring legacy that Fred has created as CEO of Custom Truck One Source. I am humbled to lead CTOS and our amazing employees, who are the heart and soul of this company,” McMonagle said. “As CEO, I want to continue building our well-known reputation for serving our customers, to create more opportunities for our employees to grow and develop, and to push forward our objective of continuing to establish Custom Truck One Source as the leading provider of specialized trucks and heavy equipment solutions in North America.”