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PACCAR announces new global CEO

PACCAR has named Preston Feight as its new Chief Executive Officer.

He takes over from Ron Armstrong who has held the position since April 2014.

Feight who will assume the role 1 July, currently serves as the company Executive Vice President.

Executive Chairman Mark Pigott said 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.

"I congratulate Preston on his promotion to chief executive officer and welcome him to the Board," he said.

"On behalf of the Board and all PACCAR employees, I would like to thank Ron Armstrong for his five excellent years of outstanding leadership and strategic vision as PACCAR's Chief Executive Officer."

According to PACCAR, the company has enhanced its global technology leadership during Armstrong's 25-year tenure.

During this period, PACCAR achieved many records, including revenue, net income, and stockholders’ equity, introduced new products and increased market share.

Feight, too, has been instrumental in PACCAR delivering revenue and profit growth, in addition to having an integral role in the development of many of PACCAR's vehicle and powertrain products including roles as DAF Trucks President, Kenworth Truck Company Vice President and General Manager and Sales and Marketing and Chief Engineer at Kenworth.

PACCAR is celebrating its 114th year said Feight and the company is the quality and innovation leader in its industry.

"PACCAR has an excellent record of outstanding financial performance, industry leading commercial vehicles, as well as innovative aftermarket parts and financial services,” he 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," he said.

"PACCAR's truck factories and distribution facilities are world class with integrated manufacturing systems. I thank Mark and the Board for the privilege to lead PACCAR and its 28,000 employees in our goal of delivering profitable growth, superb customer service, and excellent shareholder returns.”

(Image: Preston Feight PACCAR CEO).

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