Custom Truck One Source, Inc. announced Fred Ross's retirement from his position as Chief Executive Officer (“CEO”) effective March 20, 2023 and the Company's Board of Directors' unanimous approval of the promotion of Ryan McMonagle, the Company's current President and Chief Operating Officer, to succeed Fred Ross as CEO effective upon his retirement. As part of the Board's succession plan, Mr. Ross is expected to 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, Mr. Ross will assist with the transition of leadership to Mr. McMonagle and continue to work on special projects.

Mr. McMonagle joined Custom Truck One Source as the Company's Chief Financial Officer in 2015. He has worked closely with Fred and the rest of the executive team over the past several years as an integral contributor to the Company's growth. Mr. McMonagle was named Chief Operating Officer in 2017 and assumed the additional role of President in 2021.