Power Solutions International Founder and former CEO Gary Winemaster announced his retirement this week, after 34 years at the Wood Dale-based company.
PSI, a developer and manufacturer of alternative fuel truck and heavy machines engines, was founded by Gary and his father, William Winemaster, in 1985. During his tenure, he served as the CEO and president of Power Great Lakes from 1992, which, prior to its incorporation in 2001, was the parent organization of PSI, and is currently a wholly-owned subsidiary.
Winemaster stepped down as CEO and President in 2017 and became Chief Strategy Officer, focused on developing the company’s relationship with Weichai, its strategic investor and collaboration partner. He also served as the chairman of the board from 2001 until 2017.
“I am retiring incredibly proud of what PSI has accomplished over the years, and I have been honored to lead our company,” Winemaster said in a statement. “With the support of PSI’s strong management team, expanded product offerings and the foundation of our partnership with Weichai, I am confident PSI is in good hands and will continue to build on the growth and tradition of delivering value to its customers.”
Power Solutions International now employs over 1,000 people with nearly $500 million of product shipments in 2018. Over its history PSI has shipped over one million engines to leading global equipment manufacturers including companies like Navistar, Freightliner, Hyster-Yale and Kohler.