Spartan Motors Announces Retirement of CFO James Knapp
May 29 2009 - 9:00AM
PR Newswire (US)
CHARLOTTE, Mich., May 29 /PRNewswire-FirstCall/ -- Spartan Motors,
Inc. (NASDAQ:SPAR) today announced that senior vice president,
chief financial officer, chief compliance officer and treasurer
James Knapp will be retiring from the company within the next few
months. Knapp, 63, has been Spartan's chief financial officer,
secretary and treasurer for the past seven years, senior vice
president since 2004 and chief compliance officer since 2008.
Spartan Motors, the leading manufacturer of custom chassis and
emergency-rescue vehicles, said it has initiated a search for
Knapp's successor led by the board of directors with assistance
from a national executive search firm. "Jim has been an integral
part of our senior management team in what has been the most rapid
period of Spartan's growth in our history," said John Sztykiel,
president and CEO of Spartan Motors. "We are grateful for his
leadership and wisdom, and want to thank him for his lasting
contributions as well as for his assistance in making this a smooth
transition as we search for his replacement." Sztykiel added: "Jim
leaves big shoes to fill, but we are also excited about the
opportunity to bring a fresh perspective to Spartan and to continue
to build on our long-term track record of sales and earnings growth
and healthy financial position." About Spartan Motors Spartan
Motors, Inc. (http://www.spartanmotors.com/) designs, engineers and
manufactures custom chassis and vehicles for the recreational
vehicle, fire truck, ambulance, emergency-rescue and custom vehicle
markets. The company's brand names - Spartan(TM), Crimson Fire(TM),
Crimson Fire Aerials(TM), and Road Rescue(TM) - are known for
quality, value, service and being the first to market with
innovative products. The company employs approximately 1,200 at
facilities in Michigan, Pennsylvania, South Carolina and South
Dakota. Spartan reported sales of $844.4 million in 2008 and is
focused on becoming the premier manufacturer of custom vehicles and
chassis in North America. This release contains forward-looking
statements, including, without limitation, statements concerning
our business, future plans and objectives and the performance of
our products. Forward looking statements are identifiable by words
such as "believe," "anticipate," "will," "sustain," and "continue."
These forward-looking statements involve certain risks and
uncertainties that ultimately may not prove to be accurate. Actual
results and future events could differ materially from those
anticipated in such statements. Technical complications may arise
that could prevent the prompt implementation of the plans outlined
above. The company cautions that these forward-looking statements
are further qualified by other factors including, but not limited
to, those set forth in the company's Annual Report on Form 10-K
filing and other filings with the United States Securities and
Exchange Commission (available at http://www.sec.gov/). Government
contracts and subcontracts typically involve long payment and
purchase cycles, competitive bidding, qualification requirements,
delays or changes in funding, extensive specification development
and changes, price negotiations and milestone requirements. An
announced award of a governmental contract is not equivalent to a
finalized executed contract and does not assure that orders will be
issued and filled. Government agencies also often retain some
portion of fees payable upon completion of a project and collection
of contract fees may be delayed for long periods, which can
negatively impact both prime contractors and subcontractors. The
company undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events or otherwise, except as required by law. DATASOURCE:
Spartan Motors, Inc. CONTACT: John Sztykiel, CEO, or Jim Knapp,
CFO, both of Spartan Motors, Inc., +1-517-543-6400; or Jeff Lambert
or Ryan McGrath, , both of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500 Web Site: http://www.spartanmotors.com/
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