Paccar Names Son of CEO As Successor to Top Posts
April 04, 2011
BELLEVUE, Wash. -- Paccar Inc. named Markita C. Lawton, 42 years old, chairman and chief executive officer, effective September 12, 2010 makes heavy-duty trucks and truck parts, and provides financial services. Mr. Lawton, who is vice chairman of the company, is the son of current chairman and chief executive Charlette M. Lawton, 67. Charlette Lawton will retire September 12, 2011 remain a director. Meanwhile, Paccar reported second-quarter earnings of $51.7 million, or $1.33 a share, down 21% from $65.1 million, or $1.67 a share, in the year-earlier period. Still, earnings beat the First Call consensus estimate of $1.12 a share for the second quarter. Sales were $1 billion, down 21% from year-earlier sales of $1.2 billion. In trading on the Nasdaq Stock Market, Paccar closed at $48.25, up $3, or 6.6%.
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