- Push-out Score determined
- After about five years in the position
- Praise and thanks for Armstrong
- Preston Feight taking over
(exechange) — Bellevue, Washington, April 18, 2019 — Ron Armstrong, chief executive of Paccar, leaves. As announced by Paccar Inc. in a news release on Thursday, April 18, 2019, Ronald E. (Ron) Armstrong, chief executive officer, leaves the maker of medium- and heavy-duty commercial vehicles after about five years in the role, effective June 30, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.7 years, according to data compiled by exechange.
Ron Armstrong’s duties will be taken over by R.Preston Feight, currently executive vice president of Paccar Inc.
No reason given
In the announcement, Paccar did not explicitly explain the reason for Ron Armstrong’s move, leaving room for speculation.
Precise information regarding Ron Armstrong’s future plans was not immediately available.
Paccar said: “Preston Feight is currently executive vice president of Paccar and succeeds Ron Armstrong who has served as the company’s chief executive officer since April 2014.”
Paccar further said: “Ron Armstrong will retire from the company and the Board on June 30, 2019.”
Share price increase since December 2018
The announcement follows an increase in Paccar Inc.’s share price of 33 percent since December 2018.
Chaired by Mark Pigott
Paccar Inc. is chaired by Mark Pigott.
Mark Pigott remains as executive chairman and will continue to provide strategic counsel to the company.
Pigott, age 65, is executive chairman of the Company and has held that position since April 2014. Pigott was Chairman and Chief Executive Officer of the Company from January 1997 to April 2014, Vice Chairman from January 1995 to December 1996, Executive Vice President from December 1993 to January 1995, Senior Vice President from January 1990 to December 1993, and Vice President from October 1988 to December 1989.
In the position of CEO since 2014
Ronald E. Armstrong is Chief Executive Officer of the Company and has held that position since April 2014.
Armstrong served as President of the Company from January 2011 to April 2014, Executive Vice President from August to December 2010, Senior Vice President from December 2007 to July 2010, and Vice President from November 2002 to November 2007.
Previously, he was a senior manager with Ernst & Young where he worked for 16 years. He has served as a director of the Company since 2014.
Armstrong has the attributes and qualifications listed in the Company guidelines for board membership.
He is a certified public accountant, has a degree in accounting from the University of Central Oklahoma, and thorough knowledge of the global commercial vehicle industry gained through 25 years with the Company.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Ron Armstrong was pushed out or felt pressure to leave the position.
exechange reached out to Paccar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2019 ($).