Paccar — owner and of Peterbilt and Kenworth and manufacturer of Paccar engines — announced this week Mark Pigott would be stepping away from his role as Chief Executive Officer April 27, and the position will be assumed by Ronald Armstrong, Paccar’s current president.
Pigott has been the company’s CEO since 1997, and he will remain executive chairman of the company’s Board of Directors. Armstrong — who was elected by the board to succeed Pigott — was also elected to become a member of the board. The board also elected Robert Christensen as president and Chief Financial Officer.
A member of the Pigott family has held the CEO position at the company since 1965, according to an article in The Seattle Times published Monday. The Pigott family — William Pigott, Sr., specifically — started what would become Paccar in 1905, and Mark Pigott’s father, Charles, preceded him as CEO.
The Seattle Times also notes that Pigott and his brother, John, control 2.7 percent of the company’s shares. John also has a seat on Paccar’s board.
Armstrong has worked at Paccar for 20 years, and has overseen growth in revenue and profits, along with an increase in customer satisfaction and industry market share, according to Paccar’s announcement.
“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,” shared Mark Pigott. “I congratulate Ron on his promotion to chief executive officer and welcome him to the Board.”
Pigott has been with Paccar 35 years, and during his time as CEO, the company generated a shareholder return of more than 1,350 percent, Paccar’s announcement says.