Ronald Armstrong new Paccar CEO

Paccar’s Board of Directors has elected Ronald Armstrong as new Chief Executive Officer (CEO).

Armstrong is currently President of Paccar and will succeed Mark Pigott, who has served as the company's CEO and Chairman since 1997.

Pigott will take on a new role as Executive Chairman of the Board of Directors and help guide the company’s future strategies and direction.

The Board of Directors also elected current Executive Vice President and CFO, Robert Christensen, as new President and CFO.

“Ron and Bob are outstanding leaders, who have contributed towards Paccar’s excellent record of profitable growth through the recent introduction of the most comprehensive range of new trucks and engines in Paccar’s history,” said Mark Pigott. “I congratulate Ron on his promotion to CEO and welcome him to the Board.”

Aged 58, Ron Armstrong has been with Paccar for 20 years. Prior to joining Paccar, he was a Senior Manager with Ernst & Young, where he worked for 16 years.

“Paccar is a technology company that has delivered an outstanding record of leadership and financial performance in commercial vehicles, as well as in the company's aftermarket parts and financial services businesses,” said Armstrong.

“I am grateful to Mark and the board for the privilege to lead Paccar and our 22,000 employees in our goal of delivering profitable growth and excellent shareholder returns. On behalf of all Paccar employees, I would like to thank Mark for his 17 years of outstanding leadership and strategic vision as Paccar’s Chief Executive Officer.”

Pigott's 35 years with Paccar have seen the company develop into a global technology industry leader. During his tenure as CEO, Paccar has generated a shareholder return of over 1,350 per cent and the company has achieved many records, including net income, shareholder equity, revenues, new product introductions and market share.

The new appointments will become effective on 27 April 2014.