Oshkosh Corp. Chief Executive Officer Robert Bohn will retire at the end of the year, the defense contractor and specialty truck manufacturer said Tuesday.
Bohn, CEO for 13 years and chairman for 10 years, will be replaced by Charles Szews, the current president and chief operating officer.
Bohn will remain on Oshkosh's board of directors until the annual shareholders meeting Feb. 1. He will then be succeeded as chairman by board member Richard Donnelly, according to the company.
Under Bohn's leadership, Oshkosh evolved from a $400 million company to one that posted $5.3 billion in sales in 2009. Most of the recent revenue increase has come from the defense division that recently has built more than 1,000 military vehicles a month.
In an interview, Bohn said he contemplated retirement for a while.
'It was important to me, personally, to guide our company through this awful recession,' he said. 'We got through it and are very strong, healthy and well positioned for the recovery.'
Oshkosh Corp. makes military trucks, fire and emergency vehicles, refuse trucks and lift equipment used in the construction industry. It is one of the largest manufacturers in Wisconsin and one of the largest employers in the Fox Valley.
Bohn started at the company in 1992, as vice president of manufacturing, when it had 817 employees - compared with more than 12,000 employees worldwide now. In the Fox Valley, the company has about 4,000 workers.
One of Bohn's first initiatives was to introduce multiple-product manufacturing on a single production line.
On the same assembly line, Oshkosh has built military trucks, airport rescue trucks, cement mixer trucks, and snow removal vehicles, reducing work hours and increasing efficiencies.
Under Bohn's tenure as CEO, the company completed 15 acquisitions in 10 years.
It also has become one of the largest defense contractors in the Midwest, supplying thousands of vehicles for the wars in Iraq and Afghanistan.
The company had a loss of $1.1 billion, or $14.37 per share, in 2009. But largely boosted by military vehicle sales, it recently posted a fiscal third-quarter profit of $211 million, or $2.31 per share, and has exceeded analysts' estimates every quarter this year.
'It's a good time to retire,' Bohn said, as Oshkosh ramps up for a $3 billion military contract.
'You never know when you should retire, or how. But I just felt this was the right time, especially since the company is steered in the right direction and will be even stronger' when the economy fully recovers.
Bohn said he plans to remain on the boards of Menasha Corp., Parker Hannifin Corp. and Carlisle Companies.
Bohn demonstrated his leadership skills in managing Oshkosh's extraordinary growth when the balance of the state's economy was caught in economic turmoil, said Jerry Murphy, executive director of New North Inc., a business development organization for Northeast Wisconsin.
Bohn has worked with Szews, his successor, since 1996.
Szews has led the company's business development, acquisitions and long-term strategic initiatives. He joined the company 14 years ago as chief financial officer and has been president and chief operating officer since 2007, when he also joined the board of directors.
Donnelly, the next board chairman, has been on the board since 2001. He is a former General Motors executive and a former partner in the automotive supply practice of a private equity firm.
For corporate governance reasons, Bohn said, it was appropriate that a board member become the next chairman.
Analyst Charles Brady, with BMO Capital Markets, said he is not concerned about the changes at Oshkosh.
'Szews has been there for a long time and has solid financial and operating experience. I would not imagine the strategic direction changing materially,' Brady said.
Before the announcement, Oshkosh shares closed Tuesday at $28.03, down 70 cents.