RDO Equipment Co. Announces Management Restructuring; Christi Offutt Named to COO Position
FARGO, N.D.--Jan. 25, 2001--RDO Equipment Company today announced the first steps of a restructuring of the Company's management as a component of company-wide reorganization.As part of the restructuring, Christi Offutt, Senior Vice President of the Midwest Agricultural Division, will become Chief Operating Officer of the Company, replacing Gary L. Weihs who will be leaving the company.
Ronald D. Offutt, Chairman and Chief Executive Officer stated, "Gary has done a great job with the company over the last year and has it on track to produce in the future. We will be continuing and accelerating the key initiatives he and his leadership team have put in place."
Weihs commented, "Christi has proven to be a top notch operational leader. She has enhanced customer satisfaction, increased asset turns and delivered excellent earnings levels to the bottom line in the Agricultural Division. I look forward to transitioning my duties to her and pursuing future career opportunities."
Offutt concluded, "We're sizing the Company for the "post-truck" era. Approximately $2.0 million of expenses will be removed as we continue to focus our operations on the customer." As previously announced, the Company is aggressively pursuing buyers for its truck operations in Dallas, TX and Riverside, Calif.
RDO Equipment Co. specializes in the distribution, sale, service, rental and finance of equipment and trucks to the agricultural, construction, manufacturing, transportation and warehousing industries, as well as to public service entities, government agencies and utilities. These operations, which consist of 54 retail stores in 9 states, include the largest network of John Deere construction and agricultural stores in North America, as well as Volvo and Mack truck centers. Information about the Company, including recent news and product information, is available at its web site - www.rdoequipment.com.
The future results of the Company, including results related to forward-looking statements in this news release, involve a number of risks and uncertainties. Important factors (such as customer confidence, economic conditions, weather, actions of the Company's suppliers and competitors, and risks associated with the Company's growth strategies) that will affect future results of the Company, including factors that could cause actual results to differ materially from those indicated by forward-looking statements, are discussed in the Company's filings with the Securities and Exchange Commission. The Company's forward-looking statements are based upon assumptions relating to these factors. These assumptions are sometimes based upon estimates, data, communications and other information from suppliers, government agencies and other sources that are often revised. The Company makes no commitment to revise forward-looking statements, or to disclose subsequent facts, events or circumstances that may bear upon forward-looking statements.