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THOR Industries Announces New Management Positions And Promotions

Changes designed to maximize key strategic initiatives

ELKHART, Ind., June 3, 2019 /PRNewswire/ -- Today, THOR Industries, Inc. (THO), the world's largest recreational vehicle (RV) manufacturer, announced the creation of new senior management positions within its North American operations.  The moves are an essential step of Thor's overarching strategy focused on strengthening dealer partner support, refining product innovation and quality, and improving operating margins throughout the family of Thor brands.

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President and Chief Executive Officer, Bob Martin, announced today that two of Thor's most experienced company leaders, Matt Zimmerman of Keystone RV Company and Chris Hermon of Heartland RV Company will assume the roles of RV Group Managers.  Each will oversee multiple Thor subsidiaries.  The change will provide incremental support to subsidiary leadership, improving focus and helping achieve key goals on an accelerated basis. 

"Matt and Chris are two of our top leaders.  Their experience and leadership make them ideally suited for these newly created roles," Martin explained.  "In their new positions, Matt and Chris will focus on assisting our US-based operating companies in their realization of key strategic initiatives, all of which are designed to improve our offerings to our dealers and retail customers, increase engagement with our employees and improve our operating margins."

Effective today, the RV Group Managers are responsible for overseeing the following Thor subsidiaries:

  • Matt Zimmerman: Airstream, Keystone RV Group (inclusive of Keystone RV, Dutchmen RV and Cross Roads RV) and Thor Motor Coach
  • Chris Hermon:  Jayco Inc. (inclusive of Jayco, Entegra Coach, Starcraft RV and Highland Ridge RV), Heartland RV (inclusive of Heartland, Cruiser RV, DRV and Bison Coach) and K-Z RV 

"As we've grown, it's essential that we continue to evolve as a Company.  This step is a strong statement of our focus on our quest to continually improve what we are doing and how we are doing it.  The move will enable Thor to better serve our employees, customers, end consumers, and shareholders," stated Martin.  "We look forward to the leadership Matt and Chris will provide to our North American operations." 

With the transition of Zimmerman and Hermon, several subsidiary leadership changes will occur.  The following moves are effective June 3rd

  • Jeff Runels, current President of Keystone RV, has been promoted to President & CEO of the Keystone RV Company
  • Ryan Juday, current President of CrossRoads RV, has been promoted to President & CEO of Heartland RV Company
  • Darin Elswick, current General Manager at CrossRoads RV, has been promoted to President of CrossRoads RV

"Over the years, extraordinary product evolution and a continuous focus on improvement have been paramount to our success," stated Peter B. Orthwein, Executive Chairman of the Board. "The incredible depth of talent we continue to foster and elevate is a testament to our commitment to the future."

ABOUT THOR INDUSTRIES
Thor is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of RVs. For more information, please visit: https://www.thorindustries.com/.

Forward Looking Statements

This release includes certain statements that are "forward looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon Thor, and inherently involve uncertainties and risks. These forward looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others, raw material and commodity price fluctuations; raw material, commodity or chassis supply restrictions; the impact of tariffs on material or other input costs; the level and magnitude of warranty claims incurred; legislative, regulatory and tax law and/or policy developments including their potential impact on our dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; legal and compliance issues including those that may arise in conjunction with recently completed or announced transactions; lower consumer confidence and the level of discretionary consumer spending; interest rate fluctuations; the potential impact of interest rate fluctuations on the general economy and specifically on our dealers and consumers; restrictive lending practices; management changes; the success of new and existing products and services; consumer preferences; the ability to efficiently utilize production facilities; the pace of acquisitions and the successful closing, integration and financial impact thereof; the potential loss of existing customers of acquisitions; our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production; the loss or reduction of sales to key dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; cost structure changes; competition; the impact of potential losses under repurchase or financed receivable agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions; the impact of changing emissions standards in the various jurisdictions in which our products are sold; and changes to investment and capital allocation strategies or other facets of our strategic plan. Additional risks and uncertainties surrounding the acquisition of Erwin Hymer Group SE ("EHG") include risks regarding the potential benefits of the acquisition and the anticipated operating synergies, the integration of the business, the impact of exchange rate fluctuations and unknown or understated liabilities related to the acquisition and EHG's business. These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2018 and Part II, Item 1A of our quarterly reports on Form 10-Q for the periods ended January 31, 2019 and April 30, 2019.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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