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

$SHYF
Auto Manufacturing
Consumer Discretionary
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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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/the-shyft-group-announces-chief-financial-officer-to-depart-at-year-end-302312295.html

SOURCE The Shyft Group, Inc.

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Q&A

New
  • Who has resigned as CFO of The Shyft Group and why?

    Jon Douyard has resigned as Chief Financial Officer (CFO) of The Shyft Group to pursue another professional opportunity outside the industry.

  • Until when will Jon Douyard continue serving as CFO?

    Jon Douyard will remain in his role as CFO until December 31, 2024, to ensure a smooth transition.

  • What is the procedure The Shyft Group is following to find a new CFO?

    The Shyft Group's Board of Directors is conducting a search for a new CFO, considering both internal and external candidates, supported by an independent executive search firm.

  • What did John Dunn say about Jon Douyard's contributions to The Shyft Group?

    John Dunn, the President and CEO, expressed gratitude for Douyard's leadership, highlighting his contributions to financial discipline and company growth during his nearly five-year tenure.

  • What is The Shyft Group known for, and what were its reported sales in 2023?

    The Shyft Group is known for being a North American leader in specialty vehicle manufacturing and reported sales of $872 million in 2023.

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