The Shyft Group (NASDAQ: SHYF) (“Shyft” or “the Company”), the
North American leader in specialty vehicle manufacturing, announced
that it has appointed Jacob Farmer as President of Fleet Vehicles
and Services (FVS), effective today, reporting to John Dunn,
President and CEO. In his new role, Farmer is responsible for FVS
operations and implementing the business's strategic vision. Farmer
previously served as President of Shyft’s Specialty Vehicles (SV)
business.
“Since joining Shyft in July 2023, Jacob’s strong operational
and people leadership has positioned SV for sustained growth and
success,” said Dunn. “Given near term parcel market challenges, his
strategic acumen and leadership will be pivotal in advancing our
initiatives to improve FVS business performance.”
“Leading the SV team has been a rewarding experience, and I look
forward to leveraging the strengths of both businesses to further
enhance product quality, deepen customer relationships, and drive
profitability in FVS,” said Farmer.
Before joining Shyft, Farmer served as President and CEO of
Trialon Corporation and Global Vice President and General Manager
of the Industrial & Specialty Group at Cooper Standard. He
holds an Executive MBA from Michigan State University and a
Bachelor of Science in Business from Indiana University.
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
Blue Arc™ EV Solutions, Utilimaster®, Royal Truck Body™, DuraMag®
and Magnum®, Strobes-R-Us™, Spartan® RV Chassis, Red Diamond™
Aftermarket Solutions, and Builtmore Contract Manufacturing™. 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 4,200 employees and
contractors across campuses, and operates facilities in Arizona,
California, Florida, Indiana, Maine, Michigan, Missouri,
Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company
reported sales of $1.0 billion in 2022. Learn more at
TheShyftGroup.com.
Forward Looking Statement
This release contains information, including our sales and
earnings guidance, all other information provided with respect to
our outlook for 2023 and future periods, and other statements
concerning our business, strategic position, financial projections,
financial strength, future plans, objectives, and the performance
of our products and operations that may constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. We intend the forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements in those sections. Generally, we have identified such
forward-looking statements by using words such as “believe,”
“expect,” “intend,” “potential,” “future,” “may,” “will,” “should,”
and similar expressions or by using future dates in connection with
any discussion of, among other things, the construction or
operation of new or existing facilities, operating performance,
trends, events or developments that we expect or anticipate will
occur in the future, statements relating to volume changes, share
of sales and earnings per share changes, anticipated cost savings,
potential capital and operational cash improvements, anticipated
disruptions to our operations and industry due to the COVID-19
pandemic, changes in supply and demand conditions and prices for
our products, trade duties and other aspects of trade policy,
statements regarding our future strategies, products and
innovations, and statements expressing general views about future
operating results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but instead
represent only the Company’s beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company’s control. It is possible that the Company’s actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements. Management believes that these
forward-looking statements are reasonable as of the time made.
However, caution should be taken not to place undue reliance on any
such forward-looking statements because such statements speak only
as of the date when made. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the Company’s historical
experience and our present expectations or projections. In
addition, forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to the risks and uncertainties described in
“Item 1A. Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022, and those described from time to time
in our future reports filed with the Securities and Exchange
Commission (SEC), which are available at www.sec.gov or
our website. All forward-looking statements in this release are
qualified by this paragraph. Investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. We undertake no obligation to publicly update or revise
any forward-looking statements in this release, whether as a result
of new information, future events, or otherwise.
CONTACTS
MEDIASydney LeporaDirector of Corporate
CommunicationsSydney.Lepora@theshyftgroup.com586.413.4112
INVESTORSRandy WilsonVice President, Investor
Relations and TreasuryRandy.Wilson@theshyftgroup.com
248.727.3755
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/27344bb3-b0d0-49a8-9758-257ac5f09049
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