ANNANDALE, MINN. (Nov. 2, 2026) — The Malco Group, a leading manufacturer and distributor of professional-grade HVACR and building construction products in the Americas, today announced that chief executive officer Rich Benninghoff has been recognized as the Highly Commended CEO of the Year by the CEO Magazine.
CEO Magazine’s CEO of the Year Award is a prestigious annual award that celebrates the visionaries redefining industries and driving meaningful change in the U.S. Benninghoff is awarded for leading Malco Tools through one of the most significant periods of transformation in its history, evolving the business into The Malco Group and bringing nine complementary HVACR and building construction brands under one roof.
Benninghoff joined Malco Tools in 2021 as President before being appointed CEO by the company’s Board of Directors. Under his leadership, the company celebrated its 75th anniversary, was successfully acquired by global HVACR manufacturer Aspen Pumps Group, establishing The Malco Group as Aspen’s North American headquarters and evolving Malco from a respected hand-tool manufacturer into a diversified solutions platform serving the HVACR and building construction industries across the Americas.
Today, Benninghoff leads strategy, growth and operations across a portfolio of industry-leading brands including Malco Tools, Aspen Pumps, Beckett, C&D Valve, HydroBalance, ACE Chemicals, Big Foot Systems, Unilite and Veto Pro Pac.
Benninghoff’s vision brings together nine businesses with distinct histories, cultures and ways of working around a shared strategy and vision for growth. Under his leadership, the business nearly tripled in size from 2024 to 2025, along with the deliberate decision to invest in the future and remain focused on the people behind the performance—building an organization capable of navigating change, developing leaders and sustaining a strong workplace culture.
“Rich is the type of leader who challenges organizations to reimagine what is possible without ever losing sight of the people that make success possible,” said Mike Hemmesch, chief financial officer of The Malco Group. “He has built a destination work culture grounded in accountability, innovation and teamwork, and his influence can be seen throughout every part of The Malco Group’s business. This recognition reflects the impact he has had not only on our company, but also on the industries and trade professionals we serve.”
With more than 25 years of executive leadership experience, Benninghoff has led growth across industrial, commercial and residential markets under public, private and employee-owned ownership models. Prior to The Malco Group, he held senior leadership roles with DeZURIK, nVent and Pentair, where he built a reputation for driving growth, leading organizational transformation and developing high-performing teams.
This honor adds to a growing list of accolades for Malco, including the consecutive USA TODAY Top Workplaces awards in 2025 and 2026, the Minneapolis Star Tribune’s top workplace in 2024, 2025 and 2026, the Minneapolis/St. Paul Business Journal’s 2024 Medium Manufacturer of the Year, the 2024 MNStar Safety Award as well as several individual recognitions for Malco Group team members.
To learn more about The Malco Group, visit www.malcogrp.com.