OSHKOSH, Wis. - Oshkosh Corporation (NYSE: NYSE:OSK), a global manufacturer of specialty vehicles and equipment, has announced the appointment of Michael Pack as the new president of its Vocational segment. The announcement came today as the company also revealed that its current executive vice president and chief financial officer, Mr. Pack, will succeed Jim Johnson, who is set to retire on June 30, 2024.
Michael Pack's appointment is effective immediately, and he will continue to serve as the CFO of Oshkosh until a successor is found. The company has begun a search for a new chief financial officer with the help of an executive search firm.
Pack, who has been with Oshkosh for 18 years, has held various leadership roles, particularly in the Fire & Emergency and Commercial segments, which combined last year to form the Vocational segment. John Pfeifer, president and CEO of Oshkosh, expressed confidence in Pack's leadership, highlighting his established relationships with customers, dealers, and team members.
The Vocational segment, under its new leadership, is expected to continue its strong performance and growth trajectory. Pack himself noted the segment's robust backlog and strong demand, along with an innovative product pipeline, including the Volterra electric vehicles, as key factors positioning the segment for future success.
Michael Pack joined Oshkosh in 2006 and has since served in various finance roles within the company. Before Oshkosh, he was a senior audit manager at Grant Thornton LLP. He holds a bachelor's degree in business administration from the University of Wisconsin-Madison and is a certified public accountant.
Oshkosh Corporation, headquartered in Wisconsin, employs approximately 17,000 people worldwide and operates in more than 150 countries. The company is known for its range of brands and products, serving diverse markets from defense to emergency services.
InvestingPro Insights
As Oshkosh Corporation (NYSE: OSK) welcomes Michael Pack as the new president of its Vocational segment, the financial health and growth prospects of the company remain a focal point for investors. The company's commitment to dividend growth is evidenced by an impressive track record; Oshkosh has raised its dividend for 11 consecutive years and maintained dividend payments for 12 consecutive years, underscoring its financial stability and shareholder-friendly approach. These are key considerations for investors, as highlighted by InvestingPro Tips.
In terms of financial metrics, Oshkosh's market capitalization stands at approximately $7.29 billion, reflecting the company's substantial size and influence in the specialty vehicles and equipment market. The price-to-earnings (P/E) ratio, a critical measure of a stock's valuation, is an attractive 10.18 on a last twelve months basis as of Q1 2024. This, coupled with a very low PEG ratio of 0.07, suggests that the company's earnings growth is potentially undervalued relative to its earnings growth rate.
Investors may also take note of the company's solid revenue growth, with a notable 15.45% increase in the last twelve months as of Q1 2024. Such performance may be indicative of the company's ability to expand its market presence and capitalize on demand across its diverse range of products and services.
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