CHARLOTTE, Mich., Dec. 11, 2014 /PRNewswire/ -- Spartan
Motors, Inc. (NASDAQ: SPAR) ("Spartan" or the "Company") announced
that John Sztykiel has decided to
retire as President and Chief Executive Officer, effective
February 19, 2015. He will
serve as a member of Spartan's Board of Directors until his term
expires in May 2015 and as a
consultant to the Company until August
31, 2016. Spartan Chief Operating Officer Daryl Adams will succeed Sztykiel as President
and Chief Executive Officer upon his retirement.
Hugh Sloan, Chairman of Spartan's
Board of Directors, stated: "John has devoted his professional
career to Spartan Motors. For the past 30 years, he has been
an enthusiastic champion for Spartan, its products and associates,
and his imprint is in every aspect of our business. Since
becoming President in 1991 and CEO in 2002, he has led Spartan's
growth and transformation from a fire truck chassis maker into a
diversified and increasingly global specialty vehicle
manufacturer. We thank John for his years of service and
dedication to Spartan and for all of his accomplishments and
contributions he has made to the Company."
Sztykiel, 57, joined Spartan in 1985 and assumed roles of
increasing responsibility, including as President and CEO.
During his tenure with the Company, revenues increased from
$9.9 million to a projected
$500 million-plus in 2014,
representing a 14% compound annual growth rate, and Spartan's
market capitalization grew from $10
million to more than $170
million, in addition to a 21-year history of paying
dividends. Today Spartan is a manufacturer of premium
emergency response apparatus, delivery and service vehicles, as
well as motorhome chassis with a global customer base.
"The time is now right to ensure a smooth transition," Sztykiel
said. "Spartan has positive momentum in 2014 with improving
operations, a strong balance sheet, solid order backlog and growing
revenue. I am proud of Spartan's achievements and feel
honored to have been part of creating a unique culture that blends
a creative entrepreneurial spirit with disciplined operations
centered on a passion for the customer. The result is that we
not only impacted the world each day, we created a better
tomorrow. Now it is time for me to pursue the passions and
objectives that lie ahead of me and hand off leadership to a new
generation. Daryl Adams has
already demonstrated he understands our business and is the right
choice to lead Spartan to an even brighter future."
Daryl Adams, 52, joined Spartan
Motors as Chief Operating Officer effective August 11, 2014. Prior to joining Spartan
Motors, he was Chief Executive Officer of Midway Products Group, a
privately held Tier One automotive supplier. Before joining
Midway Products, he held a succession of management positions over
a 17-year career with global automotive supplier Lear Corporation,
including senior leadership roles in Lear's North American and
European operations.
"It is an honor to lead Spartan Motors into the future, building
upon the strengths that John was instrumental in developing," Adams
said. "I share John's enthusiasm and am committed to working
with an outstanding team of associates to execute the Spartan
strategy and deliver innovative new products that will generate
growth going forward."
About Spartan Motors
Spartan Motors, Inc. designs, engineers and manufactures
specialty chassis, specialty vehicles, truck bodies and aftermarket
parts for the recreational vehicle (RV,) emergency-response,
defense, government services, delivery and service markets. The
Company's brand names – Spartan™, Spartan Chassis™,
Spartan ERV™ and Utilimaster® - are known for quality, performance,
service and first-to-market innovation. The Company employs
approximately 1,700 at facilities in Michigan, Pennsylvania, South
Dakota and Indiana. Spartan
reported sales of $470 million in
2013 and is focused on becoming a global leader in the design,
engineering and manufacture of specialty vehicles and chassis.
Visit Spartan Motors at spartanmotors.com.
This release may contain several forward-looking statements that
are not historical facts, including statements concerning our
business, strategic position, financial strength, future plans,
objectives, and the performance of our products. These statements
can be identified by words such as "believe," "expect," "intend,"
"potential," "future," "may," "will," "should," and similar
expressions regarding future expectations. These
forward-looking statements involve various known and unknown risks,
uncertainties, and assumptions that are difficult to predict
with regard to timing, extent, and likelihood. Therefore,
actual performance and results may materially differ from what may
be expressed or forecasted in such forward-looking
statements. Factors that could contribute to these
differences include operational and other complications that may
arise affecting the implementation of our plans and business
objectives; continued pressures caused by economic conditions and
the pace and extent of the economic recovery; challenges that may
arise in connection with the integration of new businesses or
assets we acquire or the disposition of assets; restructuring of
our operations, and/or our expansion into new geographic markets;
issues unique to government contracting, such as competitive
bidding processes, qualification requirements, and delays or
changes in funding; disruptions within our dealer network; changes
in our relationships with major customers, suppliers, or other
business partners, including Isuzu; changes in the demand or supply
of products within our markets or raw materials needed to
manufacture those products; and changes in laws and regulations
affecting our business. Other factors that could affect
outcomes are set forth in our Annual Report on Form 10-K and other
filings we make with the Securities and Exchange Commission (SEC),
which are available at www.sec.gov or our website. All
forward-looking statements in this release are qualified by this
paragraph. Investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
We undertake no obligation to publicly update or revise any
forward-looking statements in this release, whether as a result of
new information, future events, or otherwise.
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SOURCE Spartan Motors, Inc.