Ronald E. Armstrong has been named the new chief executive officer of Paccar, succeeding Mark C. Pigott, who will remain as executive chairman of the board. The appointments are effective April 27, 2014, the Paccar board of directors said.

Armstrong is currently president of Paccar. He will be replaced by Robert J. Christensen, who will also serve as CFO, also effective April 27, 2014.

Pigott has been CEO & chairman since 1997. During his 35 years with the company, and specifically during his tenure as CEO, Paccar has generated a shareholder return of over 1,350% and the company reports it has achieved many records, including net income, shareholder equity, revenues, new product introductions and market share.

“Ron and Bob are outstanding leaders, who have contributed towards Paccar’s excellent record of profitable growth through the recent introduction of the most comprehensive range of new trucks and engines in Paccar’s history,” said Pigott. “I congratulate Ron on his promotion to chief executive officer and welcome him to the board.”

Armstrong, 58, has been with Paccar with 20 years. Prior to joining the OEM, he was a senior manager with Ernst & Young.

“This year, Paccar is celebrating its 108th year and the company is the quality and innovation leader in its industry. Paccar sells its Kenworth, Peterbilt, and DAF trucks in over 100 countries,” said Armstrong.

“Paccar is a technology company that has delivered an outstanding record of leadership and financial performance in commercial vehicles, as well as in the company’s aftermarket parts and financial services businesses," he continued.

"I am grateful to Mark and the board for the privilege to lead Paccar and our 22,000 employees in our goal of delivering profitable growth and excellent shareholder return," Armstrong added. "On behalf of all Paccar employees, I would like to thank Mark for his 17 years of outstanding leadership and strategic vision as Paccar’s chief executive officer.”

Christensen has worked at Paccar for 30 years and is currently executive vice president and CFO.