8-KLeadership ChangesOther Events

PACCAR INC 8-K Report, Executive Changes (Dec 12, 2016)

Filed December 12, 2016For Securities:PCAR

Summary

PACCAR Inc (PCAR) announced a significant leadership transition through an 8-K filing on December 11, 2016, with the earliest event reported on December 7, 2016. The report details the upcoming retirement of Robert J. Christensen, President and Chief Financial Officer, after an extensive 33-year tenure with the company. This transition will be effective February 1, 2017. To fill the CFO vacancy, Harrie C. A. M. Schippers will be promoted to Executive Vice President and Chief Financial Officer, also effective February 1, 2017. The filing also notes the appointment of Charles R. Williamson as lead director for a three-year term starting January 14, 2017. Additionally, Darrin C. Siver and A. Lily Ley have been promoted to Senior Vice President and Vice President and Chief Information Officer, respectively, effective January 1, 2017. These changes reflect a planned succession and organizational adjustments within PACCAR's senior management.

Key Highlights

  • 1Robert J. Christensen, President and CFO, will retire on February 1, 2017, after 33 years of service.
  • 2Harrie C. A. M. Schippers will succeed Christensen as Executive Vice President and Chief Financial Officer, effective February 1, 2017.
  • 3Charles R. Williamson has been appointed lead director for a three-year term beginning January 14, 2017.
  • 4Darrin C. Siver promoted to Senior Vice President, effective January 1, 2017.
  • 5A. Lily Ley promoted to Vice President and Chief Information Officer, effective January 1, 2017.
  • 6These announcements indicate planned leadership succession and organizational changes at PACCAR.

Frequently Asked Questions

PACCAR announced the retirement of its President and CFO, Robert J. Christensen, effective February 1, 2017. Harrie C. A. M. Schippers will take over as the new CFO. Additionally, Charles R. Williamson was appointed lead director, and Darrin C. Siver and A. Lily Ley received promotions.

Robert J. Christensen's retirement marks the end of a long and presumably impactful 33-year career at PACCAR. His departure as President and CFO necessitates a planned succession, with a new CFO already appointed to ensure continuity.

Yes, Darrin C. Siver has been promoted to Senior Vice President and A. Lily Ley to Vice President and Chief Information Officer, both effective January 1, 2017. Charles R. Williamson's appointment as lead director also provides a point of leadership oversight.

The promotions for Darrin C. Siver and A. Lily Ley are effective January 1, 2017. The appointment of Charles R. Williamson as lead director begins January 14, 2017. The retirement of Robert J. Christensen and the promotion of Harrie C. A. M. Schippers to CFO are both effective February 1, 2017.