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
