EDITOR’S NOTE: The following press release was issued by THOR Industries Inc. at 5 p.m., Thursday, Sept. 10.
ELKHART, Ind. — THOR Industries Inc. (NYSE: THO), the world’s largest manufacturer of recreational vehicles, today announced further leadership changes as a part of the previously announced evolution of its North American RV operating model to amplify the identified benefits of this evolution across our North American RV companies.
Effective immediately, Ken Walters, president of Jayco and leader of the Jayco and Tiffin Motorhomes group, will assume the role of president of North American RV operations. Walters will report to THOR executive management in Elkhart and will coordinate North American RV operations across all of THOR’s operating companies as they implement and build upon the initiatives of THOR’s North American RV Group operating model.
Nic Martin, vice president of sales at Jayco, will become president of Jayco. Martin brings an extensive background to the role in the sales and operations of Jayco and is well positioned to keep Jayco on its successful path within the industry.
“Ken has done an outstanding job as president of Jayco, guiding a highly respected towable and motorized brand through a difficult market while putting dealers and retail customers first. Early successes of the Jayco and Tiffin Motorhomes group are promising, and we are eager to amplify those successes across all of our North American RV entities,” said Bob Martin, president and CEO of THOR.
As THOR’s leadership teams within the previously announced two RV groups evaluated their approach to achieving benefits of consolidation, it became clear that unified coordination of execution across North American RV would bring the enterprise more benefits on an accelerated timeline. For THOR going forward, there will be three distinct operating groups: North American RV, European and Supply.
“We are proud of the work that our leadership teams have done as we work towards achieving the objectives of our evolved North American RV operating model and begin realizing its expected benefits,” stated Bob Martin. “Our structure has been decentralized for decades, so this is an involved process but one with potentially significant benefits and cost savings as its outcome. As our leadership teams within the two RV groups worked through the evaluation phase of this process during the previous two quarters, it became clear to us that we could achieve a greater magnitude of benefits with additional coordination across all of our RV companies that will position THOR to deliver positive benefits for our dealer partners and retail customers, address affordability and enhance our margin profile.”
To further advance this objective of amplifying benefits across our North American RV group, Mike Ritchie, vice president of finance at Jayco, will become CFO of North American RV operations. Ritchie will fill a pivotal role with a focus on financial performance and aligning synergistic initiatives across the THOR North American RV operations. Ritchie will continue to report to Colleen Zuhl, senior vice president and chief financial officer of THOR. Walters and Ritchie will remain heavily involved with the operational and financial performance of the North American RV group at the local level, ensuring operational excellence and the successful implementation of key initiatives.
Trey Miller, vice president of marketing at Jayco, will be promoted to chief marketing officer of the THOR North American RV operations. Prior to joining Jayco, Miller served in lead marketing positions with both Dometic and Stag Parkway. In his new role, Miller will be the manager of the marketing teams across the THOR North American RV operations.
Additionally, Troy James, currently the chief operating officer of the Thor Motor Coach and Keystone group, will become president of Keystone. James brings an extensive operational background to the role, with both North American and European sales and operational experience. James will continue his focus of enhancing organizational performance and reestablishing Keystone’s prominent position within the industry.
“We are extremely excited about the direction that our North American RV operating model has taken,” said Todd Woelfer, senior vice president and chief operating officer of THOR. “Our operating companies have taken this challenge head-on and identified a path towards enhanced synergies and structural improvements that further the alignment of our operating companies.
“We are focused on realizing the benefits of our evolved operating model, driving out costs within the company to strengthen our earnings profile and continue leading the industry in addressing the affordability concerns of RV retail customers,” Woelfer continued. “We will not simply stand by and pass rising costs on to pressured retail customers and dealers while waiting for an inflection at the retail level. We believe it is essential to our long-term positioning to prioritize the health of the retail market rather than abdicate responsibility. The strength of our leadership teams and the initiatives we are implementing will make us a key component of the solutions to the challenges facing our industry.”
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest manufacturer of recreational vehicles.
For more information on the company and its products, please go to www.thorindustries.com.
