PACCAR CFO Harrie Schippers to Retire; Brice Poplawski Named Successor

PACCAR Inc (Nasdaq: PCAR) announced that Harrie C.A.M. Schippers, President and Chief Financial Officer, will retire on June 2, 2025, after 39 years of service with the company.

Brice J. Poplawski, currently Vice President and Controller, will succeed Schippers as Senior Vice President and Chief Financial Officer effective June 2. Poplawski, 61, has been with PACCAR for 27 years and has held leadership roles across the organization, primarily within the Controllers group. He is a Certified Public Accountant and holds degrees from Central Michigan University and the University of Washington.

Additionally, Kevin D. Baney, Executive Vice President, will assume responsibility for PACCAR Financial Services and Investor Relations while continuing to oversee DAF Trucks. These changes will also take effect on June 2, 2025.

PACCAR has recognized its top-performing suppliers in North America through its Supplier Performance Management (SPM) Program, which evaluates achievements in product development, operations, aftermarket support, and alignment with PACCAR’s business objectives. The program fosters collaboration and continuous improvement, leading to enhanced performance and product innovations.

For 2024, PACCAR awarded SPM Leader status to Horton, Jost International, Hydro, and Superior Trim, while SPM Achiever status was given to companies including ConMet, LEONI Wiring Systems, Cummins Inc., Donaldson Company, and SAF-Holland. PACCAR executives emphasized the value of supplier contributions to the company's success in truck manufacturing, powertrain development, and customer support under the Kenworth, Peterbilt, and DAF brands.

PACCAR Inc reported solid financial results for 2024, reflecting its strong position in the global truck and transportation industry. Annual revenues totaled $33.66 billion, slightly down from $35.13 billion in 2023, while net income was $4.16 billion, compared to $4.60 billion in the prior year. The company delivered 185,300 vehicles worldwide and achieved an after-tax return on revenues of 12.4%. PACCAR Parts and PACCAR Financial Services both contributed significantly, with record annual parts revenue of $6.67 billion and pretax income of $1.71 billion.

For the fourth quarter of 2024, PACCAR reported revenues of $7.91 billion, a decrease from $9.08 billion in the same period of 2023. Quarterly net income was $872 million ($1.66 per diluted share), compared to $1.42 billion ($2.70 per diluted share) in Q4 2023. Strong cash flows allowed the company to declare $4.17 per share in dividends for the year, including a $3.00 year-end special dividend.

Key highlights of 2024 include:

- **Product Innovation**: Launch of Amplify Cell Technologies, a U.S. battery manufacturing joint venture, and investment in alternative powertrains and digital transportation solutions.
- **Geographic Performance**: Strong performance in North America, with Kenworth and Peterbilt achieving a 30.7% Class 8 market share, supported by infrastructure spending. In Europe, DAF trucks gained traction due to their aerodynamic design and luxurious cab interiors, despite a decline in truck industry registrations.
- **Sustainability and Awards**: Peterbilt earned the 2024 Environment + Energy Leader Award, and DAF Trucks was named Fleet Manufacturer of the Year in the U.K.

PACCAR also expanded its infrastructure, opening a new parts distribution center in Massbach, Germany, and investing in facilities, including Kenworth Chillicothe, PACCAR Mexico, and the DAF electric truck factory in Eindhoven, Netherlands. The company invested $1.25 billion in capital projects and R&D during the year.

For 2025, PACCAR plans further investment in capital projects ($700-$800 million) and R&D ($460-$500 million). With its 120th anniversary approaching, PACCAR is committed to enhancing its portfolio of trucks, parts, and financial services to meet operational and environmental goals for its global customer base.