Paccar CEO Pigott stepping down after 17 years [The Seattle Times]
(Seattle Times (WA) Via Acquire Media NewsEdge) Dec. 16--Paccar said Monday that Ronald Armstrong will become its new chief executive officer, replacing founding family scion Mark Pigott, who ran the truck manufacturer for 17 years.
Armstrong, who currently serves as president of the Bellevue-based company, will become CEO on April 17. Pigott, 59, will stay on as executive chairman, helping guide the company's future strategy, Paccar said.
Chief Financial Officer Robert Christensen will also become Paccar's president next April as Armstrong takes on the new role.
Armstrong, 58, has worked at Paccar for 20 years, the company said. Before joining the company he was a senior manager with consultancy Ernst & Young for 16 years. He graduated from the University of Central Oklahoma with a degree in accounting. He is a certified public accountant, the company said.
In June Paccar paid $225,000 to settle a Securities and Exchange Commission lawsuit alleging that aspects of the company's financial reporting between 2008 and 2018 were cloudy. Paccar didn't admit or deny the charges but agreed to the penalty and to a permanent injunction against future violations. The company also tightened up its financial reporting. The company said at the time it fully cooperated with the SEC probe.
Paccar shares rose 2 percent Monday, closing at $57.31. The stock is up 26.8 percent from the beginning of the year.
angel Gonzalez; 206-464-2250 or firstname.lastname@example.org. On Twitter: @gonzalezseattle
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