|Oshkosh Corporation Shareholders Approve All Proposals at Annual Meeting|
Board Member Richard M. Donnelly becomes chairman and Scott Wallace Joins Board
OSHKOSH, Wis., Feb 01, 2011 (BUSINESS WIRE) -- Shareholders of Oshkosh Corporation (NYSE: OSK) held their annual meeting here today and passed four proposals. In addition, as part of the Company's long-range succession plan, Richard Donnelly officially became chairman of the board replacing Robert G. Bohn, who did not stand for re-election. Donnelly has served on the board since 2001.
Shareholders approved the election of 11 directors for one year terms, including the newest member - William Scott Wallace. Wallace is a retired U.S. Army general with an almost 40-year distinguished service record and has extensive experience in military operations and command. He has held numerous top commanding positions such as: Commanding General of the U.S. Army Training and Doctrine Command; Commanding General of the U.S. Army Combined Army Center at Fort Leavenworth, Kansas; Commanding General of the Fifth U.S. Corps in Germany and Iraq and Commanding General of the Joint Warfighting Center U.S. Joint Forces Command.
"We are honored to have on our Board such a highly respected military officer as Scott Wallace," said Charlie Szews, Oshkosh Corporation president and chief executive officer. "Scott brings exceptional leadership skills and military expertise that strengthens our Board and provides us with valuable insight into the requirements and operations of our military customers."
Shareholders also approved two resolutions regarding compensation of executive officers in accordance with new federal legislation. In an inaugural advisory vote, Shareholders approved compensation for the Company's named executive officers and also approved holding this advisory vote annually.
"It was important to receive shareholder input into this new addition to our corporate governance practices," said Dick Donnelly, Oshkosh Corporation chairman of the board. "We believe an annual advisory vote on executive compensation aligns us more closely with our shareholders and is in keeping with our objective of being transparent."
Shareholders also ratified the appointment of Deloitte and Touche as independent auditors for the current fiscal year.
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(TM), SMIT(TM), 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.
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 impact on revenues and margins of the decrease in M-ATV production rates; 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 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 equity market expectations; the expected level and timing of U.S. Department of Defense (DoD) procurement of products and services and funding thereof, especially in an environment when the U.S. Government is operating under a Continuing Resolution budget action; 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 consequences of financial leverage, which could limit the Company's ability to pursue various opportunities; the potential for commodity and other raw material costs to rise sharply, particularly in a future economic recovery; risks related to costs and charges as a result of facilities consolidation and alignment, including anticipated cost savings that may not be achieved; 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 delays arising from supplier 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 work stoppages and other labor matters; the potential for disruptions or cost overruns in the Company's global enterprise system implementation; the potential for increased costs relating to compliance with changes in laws and regulations; and risks related to disruptions in the Company's distribution networks. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission, including the Form 8-K. All forward-looking statements speak only as of the date of this press release. 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