8-KLeadership ChangesRegulation FDExhibits & Filings

PACCAR INC 8-K Report, Executive Changes (Apr 19, 2019)

Filed April 19, 2019For Securities:PCAR

Summary

This 8-K filing from PACCAR INC announces a significant leadership transition. Effective July 1, 2019, R. Preston Feight will assume the role of Chief Executive Officer (CEO) and join the Board of Directors. Mr. Feight, currently an executive vice president, has a long and distinguished career within PACCAR, holding various leadership positions across its truck divisions, including President of DAF Trucks and General Manager of Kenworth Truck Company. His extensive experience in engineering and sales positions him well for this executive role. This transition comes as the current CEO, Ronald E. Armstrong, will retire on June 30, 2019. Mr. Feight's compensation package as CEO includes an annual salary of $1.2 million, with eligibility for variable compensation. The filing also confirms that Mr. Feight's appointment was made without any pre-existing arrangements with other parties and he has no conflicts of interest or reportable transactions. Investors should view this as a planned succession, leveraging internal talent for continuity in leadership.

Key Highlights

  • 1R. Preston Feight appointed as the new Chief Executive Officer (CEO) effective July 1, 2019.
  • 2Mr. Feight will also join PACCAR's Board of Directors on July 1, 2019.
  • 3Current CEO, Ronald E. Armstrong, will retire on June 30, 2019.
  • 4Mr. Feight has 21 years of experience within PACCAR, holding senior leadership roles at DAF Trucks and Kenworth Truck Company.
  • 5Mr. Feight's starting CEO salary will be $1.2 million annually, with eligibility for variable compensation.
  • 6The appointment is a result of internal succession planning, with no disclosed conflicts or special arrangements for Mr. Feight.

Frequently Asked Questions

R. Preston Feight has been elected as the new Chief Executive Officer (CEO) of PACCAR, effective July 1, 2019. He will also be joining the Board of Directors on the same date. Mr. Armstrong will retire on June 30, 2019.

Mr. Feight has a substantial 21-year tenure at PACCAR. His experience includes serving as President of DAF Trucks, Vice President and General Manager of Kenworth Truck Company, Assistant General Manager of Sales and Marketing, and Chief Engineer at Kenworth. He holds engineering degrees from Northern Arizona University and the University of Colorado.

As CEO, Mr. Feight will receive an annual salary of $1.2 million and will be eligible for annual variable compensation. Specific details on the variable compensation plan are not provided in this filing.

No, the filing states there are no arrangements or understandings between Mr. Feight and any other persons regarding his appointment. He also has no family relationships with PACCAR's directors or officers and no direct or indirect material interest in any transaction that needs to be disclosed under Regulation S-K.