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Oshkosh Corporation Announces Presidential Changes

OSHKOSH, Wis.--(BUSINESS WIRE)--Jun. 6, 2012-- Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, today announces presidential changes at the corporate level and in two of its business segments, Access Equipment and Commercial.

Effective August 1, 2012, Wilson Jones, Oshkosh Corporation executive vice president and president of the Access Equipment segment, is promoted to president and chief operating officer (COO) of Oshkosh Corporation. In his new capacity, Jones will lead and direct all aspects of the Access Equipment, Fire & Emergency and Commercial segments, along with the Company’s Asian operations. He will report to Charlie Szews, current Oshkosh Corporation president and chief executive officer (CEO).

Charlie Szews will continue to serve as CEO and as a member of the Oshkosh Corporation Board of Directors. John Urias, Oshkosh Corporation executive vice president and president of the Defense segment, along with all other members of the corporate Executive Operating Team, will continue to report to Szews. Over time, as progress is made in executing the MOVE strategy, Jones will assume greater responsibilities including oversight of the Defense segment and certain corporate functions.

“This organizational change will allow the Company and the business segments to execute our MOVE strategy faster and more effectively as we pursue market growth, optimize our cost and capital structure, innovate and expand globally,” said Charlie Szews. “Wilson Jones has been an outstanding addition to our organization, championing change and pursuing sustainable growth opportunities to build upon our market leading positions and create value for our shareholders.”

Jones has led the Access Equipment segment since 2010. Under Jones’ leadership, the segment has accelerated global expansion and new product development in preparation for the global recovery in access equipment markets. Sales for the Access Equipment segment for full year fiscal 2012 are expected to be up 35 to 40 percent over fiscal 2011 totals.

Jones joined Oshkosh in 2005, and previously served as Oshkosh Corporation executive vice president and president of the Fire & Emergency segment from 2008 to 2010.

Succeeding Jones is Frank Nerenhausen, who will become president of the Access Equipment segment and remain an Oshkosh Corporation executive vice president. Nerenhausen currently is serving as Oshkosh Corporation executive vice president and president of the Commercial segment and McNeilus, positions he has held since 2010.

Nerenhausen has been a driving force in improving the operational efficiencies of the Commercial segment, promoting compressed natural gas powered vehicle initiatives and leading this segment to profitability in spite of extremely low industry volumes. He has held a number of key executive sales and finance positions during his 26-year career with Oshkosh Corporation.

Todd Fierro is being promoted to Oshkosh Corporation senior vice president and president of the Commercial segment and McNeilus.

Fierro joined McNeilus in 2011 as vice president of operations for the Commercial segment and has been instrumental in improving operating efficiencies and quality while launching the lean principles and tools of the Oshkosh Operating System throughout the McNeilus operations. He has held key manufacturing positions at several companies including Ford Motor Company.

“These executives are all highly qualified, proven business leaders with outstanding leadership skills who will deliver value for all of our shareholders and customers,” said Szews.

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.

®, TM 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 press release, 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 cyclical nature of the Company’s access equipment, commercial and fire & emergency markets; the expected level and timing of the U.S. Department of Defense (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; increasing commodity and other raw material costs, particularly in a sustained economic recovery; the ability to increase prices to offset higher input costs; risks related to facilities consolidation and alignment, including costs and charges thereof and that anticipated cost savings may not be achieved; the Company’s ability to produce vehicles under the FMTV contract at targeted margins; 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 Company or equity market expectations; the potential for the U.S. government to competitively bid the Company’s Army and Marine Corps contracts; the consequences of financial leverage, 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; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to actions of activist shareholders; and the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation, and disclaims any obligation, to update information contained in this press release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

Source: Oshkosh Corporation

Oshkosh Corporation
Financial:
Patrick Davidson
Vice President, Investor Relations
920.966.5939
or
Media:
John Daggett
Vice President, Communications
920.233.9247