Kreg Tool Company names CEO

Kreg Tool Company reported that Edward McGreen, who was the company’s chief financial officer, has been appointed to succeed Todd Sommerfeld as CEO.

[Related story: Tool company also recently added chief revenue officer.]

McGreen joined Kreg in September 2022 where he has been responsible for leading the finance and accounting team, including a diverse set of functions, such as financial planning and analysis, treasury, tax, and legal, while also providing hands-on, metrics-driven financial leadership to support the company’s growth and profitability.

McGreen came to Kreg from MidAmerican Energy Services, said the company, where he served as president and established and oversaw the overall enterprise vision and strategic direction of the company.

Prior to that, he was VP of strategic planning at MidAmerican; president and CEO of HomeServices of America’s mortgage operations; as well as in several other leadership positions throughout his career.

Todd Sommerfeld has been part of the Kreg family business since its beginnings in 1989 but officially joined the company in 1999 as general manager, eventually serving as president and CEO.

“I am excited for the future of Kreg under Ed’s leadership,” said Sommerfeld. “Since his arrival, he has played a valuable role in helping to build and shape our strategy, while placing Kreg’s culture and values at the forefront of our organization.”

Sommerfeld will continue to remain heavily involved with the company in the role of chairman of the board of directors, said the Ankeny, Iowa-based firm.

With the shift of McGreen from CFO to CEO, Carrie Trenkamp will assume the role of chief financial officer. Trenkamp has been with Kreg since 2021 as the director of financial planning and analysis.