The Shyft Group Announces Chief Financial Officer to Depart at Year-End

Rhea-AI Summary

The Shyft Group announced that CFO Jon Douyard has resigned to pursue opportunities outside the industry, effective December 31, 2024. During his nearly five-year tenure, Douyard strengthened the company's financial discipline and balance sheet while driving growth through organic and inorganic investments. CEO John Dunn expressed gratitude for Douyard's leadership and contributions. The Board of Directors has initiated a comprehensive search for a new CFO, considering both internal and external candidates, with support from an executive search firm.

Positive

• Maintaining strong balance sheet during CFO tenure
• Orderly transition period until December 31, 2024
• Professional executive search process in place

Negative

• Unexpected departure of key executive (CFO)
• Potential disruption in financial leadership during transition

Insights

Financial Analyst

A CFO departure typically signals potential changes in financial strategy and execution, though this appears to be an amicable separation. The key positive aspects include:

• Planned transition period through year-end 2024, allowing for proper knowledge transfer
• Strong balance sheet and financial discipline highlighted in the announcement
• Professional search firm engagement for succession planning

The timing of the announcement, well ahead of the transition, suggests this is a well-managed process rather than an abrupt departure. However, investors should monitor the succession process closely, as the new CFO's background and strategic priorities could influence future capital allocation and growth initiatives. The company's $454M market cap and specialty vehicle focus make the CFO role particularly critical for managing working capital and investment strategies in a capital-intensive industry.

NOVI, Mich., Nov. 21, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, today announced that Jon Douyard has resigned as Chief Financial Officer to pursue another professional opportunity outside the industry. He will continue to serve as CFO until December 31, 2024 to ensure a smooth transition.

"On behalf of our employees, executive leadership team, and Board of Directors, I want to thank Jon for his nearly five years of leadership at Shyft," said John Dunn, President and CEO. "As CFO, Jon has instilled financial discipline, maintained a strong balance sheet, and driven growth. I am personally grateful for his partnership and contributions, which have strengthened Shyft and positioned the Company for continued success. We wish Jon the very best in the next chapter of his career."

Douyard said, "It has been a privilege to serve as Shyft's CFO. Together with highly talented employees, we have made meaningful organic and inorganic investments in our future. I am confident this team is well-equipped to continue driving Shyft's growth and success."

Shyft's Board of Directors is commencing a comprehensive search for a new CFO, supported by a leading, independent executive search firm. The Company is considering both internal and external succession candidates.

About The Shyft Group

The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™ Aftermarket Solutions, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,000 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $872 million in 2023. Learn more at TheShyftGroup.com. 

CONTACTS

MEDIA
Sydney Machesky Director, Corporate Communications
Sydney.Machesky@theshyftgroup.com
586.413.4112

INVESTORS
Randy Wilson Vice President, Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com
248.727.3755

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SOURCE The Shyft Group, Inc.

FAQ

When is Jon Douyard leaving his position as CFO of The Shyft Group (SHYF)?

Jon Douyard will leave his position as CFO of The Shyft Group on December 31, 2024.

How long did Jon Douyard serve as CFO at The Shyft Group (SHYF)?

Jon Douyard served as CFO at The Shyft Group for nearly five years.

How is The Shyft Group (SHYF) handling the CFO succession process?

The Shyft Group's Board of Directors is conducting a comprehensive search for a new CFO with support from an executive search firm, considering both internal and external candidates.