Paccar has announced that Preston Feight will become its new chief executive officer, effective July 1. Feight was also elected a member of the board of directors of the company, which is the parent of Kenworth Truck Company, Peterbilt Motors Company, and DAF Trucks N.V..
Feight is currently executive vice president of Paccar and will succeed Ron Armstrong, who has served as CEO since April 2014. Armstrong will retire from the company and the board on June 30. Mark Pigott will remain as executive chairman and will continue to provide strategic counsel to the company.
“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.
He also thanked Ron Armstrong for his "five excellent years of outstanding leadership and strategic vision as Paccar’s chief executive officer.” The company announcement noted that Armstrong has been with Paccar for 25 years, and during his tenure as CEO, the company achieved many records, including revenue, net income, and stockholders’ equity, and it also introduced new products and increased market share.
Paccar also said that Feight has been instrumental in delivering revenue and profit growth, in addition to having an integral role in the development of many of the company’s vehicle and powertrain products. He has been with Paccar for 21 years, with leadership roles as president of Neherlands-based DAF Trucks, vice president and general manager of Kenworth, as well as assistant general manager-- sales and marketing, and chief engineer at Kenworth. Feight holds a BS degree in Mechanical Engineering from Northern Arizona University and a MS degree in Engineering Management from the University of Colorado.
Noting that Paccar is celebrating its 114th year, Feight said, "Paccar's technology focus has positioned the company as a leader in advanced powertrains such as diesel, electric and hydrogen fuel cells, as well as sophisticated driver assistance systems and truck connectivity.”