The Shyft Group announced first-quarter results finding continued softness in its motorhome chassis business. The company said its chief operating officer, Todd Heavin, would retire mid-year.
In the quarter, the company’s Specialty Vehicles division—which includes Spartan RV Chassis—saw sales fall 7.4% from the first quarter of 2022. Adjusted earnings rose 37.6% from the first quarter of 2022.
Company President and CEO Daryl Adams said the declines in the motorhome chassis business followed previously reported trends.
“While the Class A diesel segment is less cyclical, we have experienced declines as well,” Adams said. “Our market share continues to remain strong and has been trending favorably demonstrating the value of our product innovations and quality.”
Adams said the company remained confident in its ability to execute in “dynamic” times.
Adams also said Heavin recently told leadership about his intent to retire mid-year. The Shyft Group is working on an orderly transition, Adams said. Heavin has served as chief operating officer for four years.
“Since joining Shyft in 2019, Todd has been instrumental in laying the foundation and progressing lean and operational excellence across the company,” Adams said. “Over the last several years, we have built out the depth of our operational experience across our businesses, and we will look to these leaders to drive our continuous improvement journey going forward. I value Todd’s insight and we would like to wish him well in retirement.”
