The Shyft Group (NASDAQ: SHYF) (“Shyft” or “the Company”), the
North American leader in specialty vehicle manufacturing, announced
that it has appointed John Dunn, as President and CEO of the
Company, effective today. Dunn, who previously served as President
of Shyft’s Fleet Vehicles and Services, will also join the Board of
Directors. In connection with the Company’s previously announced
leadership transition plan, Daryl Adams, current President and CEO,
will step down from his role and resign from the Board. Adams will
remain with the Company in an advisory capacity for six months to
ensure a smooth transition.
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John Dunn (Photo: Business Wire)
"I am proud of how our team has transformed Shyft into an
industry leader in our attractive end markets of last-mile delivery
and infrastructure,” Adams said. “Since I joined Shyft in 2014, we
have demonstrated our ability to execute through changing market
conditions while driving operational improvements, investing in
innovation, and delivering value to our customers and shareholders.
Shyft is well-positioned with a growing roster of innovative brands
with strong prospects. I look forward to working closely with John,
ensuring a seamless leadership transition.”
“The Shyft Board is pleased to name John as CEO of Shyft
following a deliberate and comprehensive succession process,” said
James Sharman, Chair of The Shyft Board of Directors. “John is a
proven leader with a track record of building and driving
high-performing teams. He has extensive experience in
manufacturing, operations, product development, and customer
relations. We look forward to collaborating with John to deliver
shareholder value as we enter the next phase of our
transformation.”
“I am honored that the Board has entrusted me to lead Shyft as
we accelerate our strategic vision, enhance product quality and
innovation, and expand our customer reach,” Dunn said. “I am
confident in our team’s resilience and ability to deliver great
products across our leading brands, increase shareholder value, and
strengthen Shyft’s workplace culture.”
“On behalf of the Board and shareholders, I would like to thank
Daryl for his many contributions over nine years at Shyft. Under
his tenure, the Company undertook an ambitious business
transformation, and we are grateful for his leadership and
dedication,” Sharman said.
Dunn joined Shyft in January 2023 as President, Fleet Vehicles
and Services. Prior to joining Shyft, he served as President and
CEO, Americas for Plastic Omnium, a global frontrunner in mobility
solutions with €9.5 billion of revenue in 2022. He previously held
various leadership positions at Brose, including President of North
America, a global Tier 1 automotive supplier that equips half of
the new cars worldwide across its 68 locations. Dunn holds a Master
of Science in Industrial Engineering from the University of
Wisconsin and a Bachelor of Science in Industrial Engineering from
Purdue University.
Third Quarter 2023 Financial Results
The Company also announced today in a separate press release its
third quarter 2023 financial results. A conference call and webcast
will begin at 8:30 a.m. ET. A listen-only presentation, supporting
materials, and replay of the presentation will be available at
http://www.theshyftgroup.com/investor-relations/webcasts.
About The Shyft Group
The Shyft Group is the North American leader in specialty
vehicle manufacturing, assembly, and upfit for the commercial,
retail, and service specialty vehicle markets. Our customers
include first-to-last mile delivery companies across vocations,
federal, state, and local government entities; the trades; and
utility and infrastructure segments. The Shyft Group is organized
into two core business units: Shyft Fleet Vehicles and Services™
and Shyft Specialty Vehicles™. Today, its family of brands include
Blue Arc™ EV Solutions, Utilimaster®, Royal Truck Body™, DuraMag®
and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Red Diamond™
Aftermarket Solutions, and Builtmore Contract Manufacturing™. The
Shyft Group and its go-to-market brands are well known in their
respective industries for quality, durability, and first-to-market
innovation. The Company employs approximately 4,200 employees and
contractors across campuses, and operates facilities in Arizona,
California, Florida, Indiana, Maine, Michigan, Missouri,
Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company
reported sales of $1.0 billion in 2022. Learn more at
TheShyftGroup.com.
Forward Looking Statement
This release contains information, including our sales and
earnings guidance, all other information provided with respect to
our outlook for 2023 and future periods, and other statements
concerning our business, strategic position, financial projections,
financial strength, future plans, objectives, and the performance
of our products and operations that may constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. We intend the forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements in those sections. Generally, we have identified such
forward-looking statements by using words such as “believe,”
“expect,” “intend,” “potential,” “future,” “may,” “will,” “should,”
and similar expressions or by using future dates in connection with
any discussion of, among other things, the construction or
operation of new or existing facilities, operating performance,
trends, events or developments that we expect or anticipate will
occur in the future, statements relating to volume changes, share
of sales and earnings per share changes, anticipated cost savings,
potential capital and operational cash improvements, anticipated
disruptions to our operations and industry due to the COVID-19
pandemic, changes in supply and demand conditions and prices for
our products, trade duties and other aspects of trade policy,
statements regarding our future strategies, products and
innovations, and statements expressing general views about future
operating results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but instead
represent only the Company’s beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company’s control. It is possible that the Company’s actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements. Management believes that these
forward-looking statements are reasonable as of the time made.
However, caution should be taken not to place undue reliance on any
such forward-looking statements because such statements speak only
as of the date when made. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the Company’s historical
experience and our present expectations or projections. In
addition, forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to the risks and uncertainties described in
“Item 1A. Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022, and those described from time to time
in our future reports filed with the Securities and Exchange
Commission (SEC), which are available at www.sec.gov or our
website. All forward-looking statements in this release are
qualified by this paragraph. Investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. We undertake no obligation to publicly update or revise
any forward-looking statements in this release, whether as a result
of new information, future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025069752/en/
MEDIA Sydney Lepora Director of Corporate Communications
Sydney.Lepora@theshyftgroup.com 586.413.4112 INVESTORS Randy
Wilson Vice President, Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com 248.727.3755
Shyft (NASDAQ:SHYF)
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