Oshkosh Corporation Announces Executive Changes
OSHKOSH, Wis.--Oshkosh Corporation , a leading manufacturer of specialty vehicles and vehicle bodies, today announces changes to its executive leadership consistent with the Company’s long-range succession plan that are intended to continue the Company’s strong growth and business-building initiatives.
“The Oshkosh Corporation Board of Directors would like to thank Bob Bohn for his many years of successful leadership, and we wish him well in retirement”
Robert G. Bohn, chairman and CEO, has decided to retire, effective December 31, 2010. As part of its succession plan, the Oshkosh Corporation Board of Directors has elected Charles L. Szews chief executive officer, effective January 1, 2011. Szews will serve in a dual role as president and CEO. He has been with the Company since 1996 and is currently Oshkosh Corporation president and COO.
Bob Bohn, who has served as CEO for 13 years and chairman for 10 years, will remain on the Company’s Board of Directors until the annual shareholders meeting, February 1, 2011. At that time, he will be succeeded as chairman by current board member Richard M. Donnelly, who has served on the board since 2001.
Under Bohn’s leadership, Oshkosh Corporation has been transformed from a $400 million Midwest Company into a multi-billion dollar international corporation and a Fortune 350 Company. Upon joining the Company in 1992, Bohn introduced multiple-product manufacturing on a single production line to Oshkosh long before mainstream industry embraced it. He led Oshkosh Corporation to significantly expand its product portfolio and build leading positions in multiple markets. He also was instrumental in guiding the Company successfully through the recent global economic downturn to its projected record-setting fiscal 2010 sales and earnings levels.
Future CEO Charlie Szews has been the Company’s champion of new business development, mergers and acquisitions and long-term strategic initiatives. Szews joined Oshkosh in 1996 as chief financial officer, and has served as president and COO since 2007, when he also joined the board. He has been a catalyst in building the Company’s international footprint, global procurement supply chain and the Oshkosh Operating System.
Future Board Chairman Dick Donnelly will become chairman effective February 1, 2011. He is a former General Motors executive and a former Industrial Partner in the automotive supply practice of a private equity firm.
“The Oshkosh Corporation Board of Directors would like to thank Bob Bohn for his many years of successful leadership, and we wish him well in retirement,�?? said Dick Donnelly “Bob is leaving Oshkosh Corporation in the very capable hands of Charlie Szews, who has been an integral part of the Company’s success.�??
Robert G. Bohn Biography
Robert G. Bohn was appointed CEO of Oshkosh Corporation in October 1997 and chairman in January 2000. Prior to becoming CEO, Bohn was president and chief operating officer. He was elected president and COO in February 1994 and to the Board of Directors in 1995. Bohn joined Oshkosh in May 1992 as group vice president manufacturing.
He also held the position of president of Pierce Manufacturing Inc., an Oshkosh Corporation Company, acquired in September 1996.
Charles L. Szews Biography
Charles L. Szews is currently president and chief operating officer (COO) of Oshkosh Corporation, responsible for managing the Company’s four segments – Defense, Access Equipment, Commercial and Fire & Emergency, along with its supply chain and global manufacturing operation functions. He joined the Company in 1996 as vice president and chief financial officer (CFO), was appointed executive vice president in October 1997 and to his current position in October 2007.
Richard M. Donnelly Biography
Richard M. Donnelly has served on the board of directors of Oshkosh Corporation since 2001. From 1961 until his retirement in 1999, he held various positions with General Motors Corporation, lastly as president and group executive of General Motors, European division. From 2000 through September 2009, Donnelly served as an Industrial Partner in Ripplewood Holdings LLC, a private equity investment firm headquartered in New York City and RHJ International, a publicly traded holding company headquartered in Brussels, Belgium, where he was responsible for the global automotive supply portfolio. He was chairman of Niles Co., Ltd. (2001-2009) and Honsel International Technologies S.A., a director of Asahi Tec Corporation (2003-2009), and is currently a trustee of Colonial Williamsburg Foundation.
About Oshkosh Corporation
Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, visit www.oshkoshcorporation.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements�?? within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,�?? “will,�?? “expect,�?? “intend,�?? “estimate,�?? “anticipate,�?? “believe,�?? “should,�?? “project�?? or “plan�?? or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the impact on revenues and margins of the projected decrease in M-ATV production rates; the cost of any warranty campaigns related to the Company’s products; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during periods of global economic weakness and tight credit markets; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than equity market expectations; the expected level and timing of U.S. DoD procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the potential for the U.S. government to competitively bid the Company’s Army and Marine Corps contracts; the Company’s ability to start production under the FMTV contract at targeted margins; the consequences of financial leverage associated with the JLG acquisition, which could limit the Company’s ability to pursue various opportunities; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; risks related to production delays as a result of the economy’s impact on the Company’s suppliers; the potential for commodity costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to disruptions in the Company’s distribution networks; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update such forward-looking statements. All operating results included in this press release reflect results from continuing operations only. The operating results of Geesink B.V., Geesink Norba Limited and Norba A.B., (collectively, Geesink), which comprised the Company’s former European RCV business, and of the Company’s former European fire apparatus business, BAI Brescia Antincendi International S.r.l. (BAI), have been reclassified for all periods presented to discontinued operations due to the Company’s sale of these businesses in July 2009 and October 2009, respectively.
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