Paccar Inc. appointed Preston Feight CEO effective July 1, the company said in an April 18 news release.
Feight also was elected as a member of the board of directors, effective the same date.
Feight, currently executive vice president, succeeds Ron Armstrong, who has served as CEO since April 2014.
Armstrong will retire from the company and the board June 30, Paccar officials said. Mark Pigott remains executive chairman and will continue to provide counsel to the original equipment manufacturer.
“Preston Feight is an outstanding leader who has made significant contributions to Paccar’s excellent record of profitable growth and its industry-leading products and services,” said Pigott.
The company said during Armstrong’s tenure as CEO, Paccar achieved many records, including revenue, net income and stockholders’ equity. Armstrong also introduced new products and increased market share.
Feight, 51, has been with Paccar for 21 years with leadership roles as president of DAF Trucks, and vice president and general manager of Kenworth Truck Co.
Paccar is celebrating its 114th year in 2019. It has 28,000 employees and designs, manufactures and supports trucks under the Kenworth, Peterbilt and DAF nameplates.
Based in Bellevue, Wash., Paccar also designs and manufactures diesel engines, provides financial services and information technology, and distributes truck parts related to its principal business. — Transport Topics