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Oshkosh (NYSE: OSK) announced a leadership transition with Michael Pack, current CFO, appointed as President of the Vocational segment. Pack succeeds Jim Johnson, who is retiring effective June 30, 2024. A search for a new CFO is underway. Pack has been with Oshkosh for 18 years and has played significant roles in the Fire & Emergency and Commercial segments. CEO John Pfeifer expressed confidence in Pack's ability to lead the Vocational segment, highlighting strong momentum, demand, and innovative product pipelines such as the Volterra electric vehicles.
Positive
Michael Pack's extensive experience at Oshkosh, particularly in Fire & Emergency and Commercial segments, bodes well for his new role.
The appointment of a proven leader with established relationships with customers, dealers, and team members could ensure business continuity.
The Vocational segment has shown strong performance, with a robust backlog and strong demand.
Introduction of innovative products like Volterra electric vehicles could drive future growth.
Negative
Potential uncertainty during the transition period as the company searches for a new CFO.
Jim Johnson’s retirement could lead to a temporary leadership gap until the transition is complete.
Michael Pack Appointed President of Vocational Segment
Company Initiates Search for Chief Financial Officer
OSHKOSH, Wis.--(BUSINESS WIRE)--
Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, today announced that Michael Pack, executive vice president and chief financial officer of Oshkosh, has been appointed as president of the Vocational segment, effective immediately, succeeding Jim Johnson in that role. Mr. Johnson is retiring from the Company, effective June 30, 2024.
Oshkosh has initiated a search process with the assistance of a leading executive search firm to identify the Company’s next chief financial officer. Pack will continue to serve as CFO until a successor is named.
“Mike has spent much of his 18-year tenure at Oshkosh in leadership roles in our Fire & Emergency and Commercial segments, which were combined in 2023 to form our Vocational segment. We are excited that he is returning to lead this great business,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation. “Mike is a proven leader who knows the business well and brings established relationships with our customers, dealers and team members to his new role. We have talented teams in both our finance and Vocational organizations to ensure a smooth transition.”
Pfeifer continued, “Our Vocational segment has continued to perform well and its leadership team has made important progress and built a strong foundation to drive long-term growth. We thank Jim for his contributions to Oshkosh and wish him all the best in his retirement.”
“It’s an honor to lead the Vocational segment during such an exciting time,” commented Pack. “Compelling momentum, a robust backlog, strong demand and a pipeline of innovative new products, including our Volterra electric vehicles, position us well for the future. I look forward to working with the Vocational team to advance our strategy, continue our strong growth trajectory and position the segment to capture the significant opportunities ahead.”
About Michael Pack
Michael Pack has served as CFO of Oshkosh since 2020. Previously, he held finance roles of increasing responsibility with the Fire & Emergency, Access and Commercial segments, as well as within corporate finance. Prior to joining Oshkosh in 2006, he was a senior audit manager at Grant Thornton LLP. Pack has a bachelor’s degree in business administration from the University of Wisconsin-Madison and is a certified public accountant.
About Oshkosh Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs approximately 17,000 team members worldwide, all united behind a common purpose: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Hinowa, Power Towers, Pierce®, MAXIMETAL, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications, Oshkosh® Airport Products, Oshkosh AeroTech™ and Pratt Miller. For more information, visit oshkoshcorp.com.
®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.
Forward Looking Statements
This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor, freight and overhead costs; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to successfully integrate the AeroTech acquisition and to realize the anticipated benefits associated with the same; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; risks that a trade war and related tariffs could reduce the competitiveness of the Company’s products; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. The Company assumes no obligation, and disclaims any obligation, to update information contained in this news release. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.
