NOVI–The Shyft Group Inc. (NASDAQ: SHYF), the specialty vehicle manufacturer, assembler and upfitter for the commercial, retail, and service specialty vehicle markets, announced that its board and president and CEO Daryl Adams have initiated a succession process that will see Adams leave his post once a successor has been appointed. At that time, he will also resign from the board of directors, and will remain with the Company in an advisory capacity for six months to help ensure a smooth transition.
“On behalf of the board and shareholders, I want to thank Daryl for his many contributions and dedicated service to Shyft over the last nine years,” said James Sharman, chair of the Shyft board. “Daryl has led Shyft through an ambitious business transformation into an industrial growth company with strong prospects. Most recently, we have advanced our differentiated commercial EV, Blue Arc, which is expected to be a significant growth driver for the Company, and we are on track to begin production in the second half of the year. The Board believes now is the right time to undertake a search for Daryl’s successor to lead the next phase of our transformation and growth strategy.”
Said Adams: “Serving as the CEO of Shyft has been the highlight of my professional career. Today, Shyft is well positioned in the attractive last-mile delivery and infrastructure end-markets with a growing roster of innovative brands, including a cutting-edge EV platform. While the near-term market and macroeconomic environment remain dynamic, I am as confident as ever in our team’s ability to deliver for customers and drive long-term value for shareholders. I look forward to supporting the Company through a smooth leadership transition.”
The Shyft Group board is working with an executive search firm to find the company’s next CEO.
Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services and Shyft Specialty Vehicles. 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, and Builtmore Contract Manufacturing. The company employs approximately 4,200 employees and contractors across campuses, and has plants in Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, South Carolina, Tennessee, Texas, and Saltillo, Mexico. The company reported sales of $1 billion in 2022. Learn more at TheShyftGroup.com.