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8-K - FORM 8-K - THOR INDUSTRIES INC | l38491e8vk.htm |
Exhibit 99.1
419 WEST PIKE STREET P.O. BOX 629 JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 FAX 937-596-6539
PHONE 937-596-6849 FAX 937-596-6539
NEWS RELEASE
Date:
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January 7, 2010 | |
Contact:
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Peter B. Orthwein or Richard E. Riegel III |
THOR ANNOUNCES MANAGEMENT CHANGES
Thor Industries, Inc. (NYSE:THO) today announced changes in its management structure to propel
further growth and performance within its existing business segments, and to develop new growth
opportunities in related business segments.
Ron Fenech, currently President of Keystone RV has been appointed Senior Group President, with all
Thor RV divisions reporting to him. Over the past eight years as President, Ron Fenech has been
an important driver of Thors largest and most profitable company, Keystone. Thors other RV
companies will now also share in the benefits of his leadership, said Peter B. Orthwein, Thor
Chairman, CEO & President. Under Rons direction, Thors RV divisions will remain separate and
distinct companies in the marketplace, serving their distinct dealer networks. Mr. Fenech will
report directly to Mr. Orthwein.
Richard Dicky Riegel, currently Thors Chief Operating Officer becomes Senior Group President,
with responsibility for Thors bus group, Thor investor relations, and for developing new business
segments related to Thors existing lines of business. One of Thors biggest opportunities is to
utilize its strong cash flow to enter a new, related business segment and Dicky Riegel is the ideal
person to head up that effort, said Mr. Orthwein. Dicky has been instrumental in driving
substantial growth during his presidency of Airstream and in his role as Thors COO. With his
skills and talents, he will help shape the future of Thor by identifying new businesses for the
company. Andrew Imanse remains Group President, Thor Commercial Bus division and will continue to
report to Mr. Riegel, who will report to Mr. Orthwein.
Bob Martin, currently Exec. V.P. of Keystone RV, has been appointed President of Keystone RV. Bob
has been an integral part of the Keystone team since our early days, and we have been preparing for
this move with Bob for the past
three years, said Ron Fenech. Bob understands what makes Keystone great, and I am excited about
Keystones future under his leadership.
Thor is the worlds largest manufacturer of recreation vehicles and a major builder of commercial
buses.
This release includes certain statements that are forward looking statements within the
meaning of 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 involve uncertainties and
risks. There can be no assurance that actual results will not differ from our expectations.
Factors which could cause materially different results include, among others, additional issues
that may arise in connection with the findings of the completed investigation by the Audit
Committee of the Board of Directors of Thor Industries, Inc. (the Company) and the SECs requests
for additional information, fuel prices, fuel availability, lower consumer confidence, interest
rate increases, tight lending practices, increased material costs, the success of new product
introductions, the pace of acquisitions, cost structure improvements, the impact of auction market
failures on our liquidity, competition and general economic conditions and the other risks and
uncertainties discussed more fully in Item 1A of the Companys Annual Report on Form 10-K for the
year ended July 31, 2009. The Company disclaims 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 the Companys expectations after the date of this release or any change in events,
conditions or circumstances on which any statement is based except as required by law.