CHARLOTTE, Mich., Sept. 23, 2019 /PRNewswire/ -- Spartan Motors,
Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), the North
American leader in specialty vehicle manufacturing and assembly for
the commercial and retail vehicle industries (including last-mile
delivery, specialty vehicles, commercial vehicle assembly, and
vocation-specific upfit segments), as well as for the emergency
response and recreational vehicle markets, today announced that its
Chief Financial Officer (CFO) Frederick "Rick" Sohm will be
stepping down from his position for non-business related
reasons.
The Company has hired a leading national search firm and has
begun a search to replace Sohm, who has served as CFO since
September 2015. Sohm will
remain in his position through the selection and onboarding
transition to ensure business continuity and ongoing success.
"It has been a career highlight to support Spartan Motors on
their growth path and play a key role in achieving the vision of
rebuilding a Midwestern specialty vehicles manufacturer into a
strong and sustainable nationwide company," said Sohm. "While I
need to put my family and personal life first at this time, I'm
certain that the company is well positioned to execute on its
growth strategy and has an incredibly bright future ahead.
Spartan's financials are strong, its operations are efficient, and
we have a talented finance team in place to support the business.
I'm confident that a very capable successor will be identified and
will both continue the good work we've done here to date, as well
as take the company to the next level."
"Rick has been a strong member of our management team at Spartan
and we cannot thank him enough for his contributions over the past
four years," said Spartan Motors President and CEO Daryl Adams. "Rick has been a key player in our
strategic growth plan as we have completed multiple acquisitions
over the years, most recently the purchase of Royal Truck Body this
summer. We wish him and his family the very best as he focuses his
time on personal pursuits."
Spartan Motors has undergone expansions — as a result of M&A
activity, as well as organic growth efforts — and now boasts
manufacturing and distribution capabilities from coast-to-coast,
furthering its goal of long-term, sustainable, profitable growth
for the organization.
About Spartan
Motors
Spartan Motors, Inc. is the North American leader in specialty
vehicle manufacturing and assembly for the commercial and retail
vehicle industries (including last-mile delivery, specialty service
and vocation-specific upfit segments), as well as for the emergency
response and recreational vehicle markets. The Company is organized
into three core business segments: Spartan Fleet Vehicles and
Services, Spartan Emergency Response and Spartan Specialty
Vehicles. Today, its family of brands also includes Spartan
Authorized Parts, Spartan Factory Service Centers, Utilimaster,
Royal Truck Body, Strobes-R-Us, Smeal, Ladder Tower, and UST.
Spartan Motors and its go-to-market brands are well known in their
respective industries for quality, durability, aftermarket product
support and first-to-market innovation. The Company employs
approximately 2,500 associates, and operates facilities in
Michigan, Indiana, Pennsylvania, South
Carolina, Florida,
Missouri, California, Arizona, Texas, Nebraska, South
Dakota; Saltillo, Mexico;
and Lima, Peru. Spartan reported
sales of $816 million in 2018. Learn
more about Spartan Motors at www.spartanmotors.com.
This release contains several forward-looking statements that
are not historical facts, including statements concerning our
expectations regarding the Company's future
performance. 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 difficulties we may encounter in integrating
recently acquired businesses with Spartan's existing
business; operational and other complications that may arise
affecting the implementation of our plans and business objectives;
continued pressures caused by economic conditions; issues unique to
government contracting, such as competitive bidding processes,
qualification requirements, and delays or changes in funding;
changes in our relationships with major customers, suppliers, or
other business partners; 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 update or revise any forward-looking
statements in this release, whether as a result of new information,
future events, or otherwise.
CONTACT:
Investors:
Juris Pagrabs
Group Treasurer, Director of Investor Relations
Spartan Motors, Inc.
Juris.Pagrabs@spartanmotors.com
(517) 997-3862
Media:
Samara Hamilton
Corporate Director of Marketing and Communications
Spartan Motors, Inc.
Samara.Hamilton@spartanmotors.com
(517) 997-3860
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SOURCE Spartan Motors, Inc.