Paccar names new CEO
BELLEVUE, Wash. — Paccar announced recently that it has named Preston Feight its new chief executive officer.
Feight will start his new position on July 1, 2019. He is currently the company’s executive vice-president, and will succeed Ron Armstrong who served as CEO since April 2014.
“Preston Feight is an outstanding leader who has made significant contributions to Paccar’s excellent record of profitable growth and its industry-leading products and services,” said Mark Pigott, executive chairman. “I congratulate Preston on his promotion to chief executive officer and welcome him to the Board. On behalf of the Board and all Paccar employees, I would like to thank Ron Armstrong for his five excellent years of outstanding leadership and strategic vision as Paccar’s chief executive officer.”
Armstrong’s 25 years with Paccar has seen the company enhance its global technology leadership. During his tenure as CEO, Paccar achieved many records, including revenue, net income, and stockholders’ equity, introduced new products and increased market share.
Feight has been instrumental in Paccar delivering revenue and profit growth, in addition to having an integral role in the development of many of Paccar’s vehicle and powertrain products, the company said. He has been with Paccar for 21 years with leadership roles as president of DAF Trucks, vice-president and general manager of Kenworth Truck Company as well as assistant general manager Sales and Marketing and chief engineer at Kenworth.
“This year, Paccar is celebrating its 114th year and the company is the quality and innovation leader in its industry. Paccar has an excellent record of outstanding financial performance, industry leading commercial vehicles, as well as innovative aftermarket parts and financial services,” said Feight. “Paccar’s technology focus has positioned the company as a leader in advanced powertrains such as diesel, electric and hydrogen fuel cells, as well as sophisticated driver assistance systems and truck connectivity. Paccar’s truck factories and distribution facilities are world class with integrated manufacturing systems. I thank Mark and the Board for the privilege to lead Paccar and its 28,000 employees in our goal of delivering profitable growth, superb customer service, and excellent shareholder returns.”
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