Winnebago Industries Names Michael Happe as New Chief Executive Officer …

20 Jan 2016 | Author: | No comments yet »

No Warm Welcome For New Winnebago CEO.

Winnebago Industries (WGO) named a new CEO on Monday, but the market isn’t enthusiastic about the news. Zacks Investment Research upgraded shares of Winnebago Industries, Inc. (NYSE:WGO) from a sell rating to a hold rating in a research note released on Wednesday, Marketbeat.com reports.

However, we are concerned about the challenges the company faces in the competitive industry, its dependence on a few dealers and the burden of repurchase agreements. From his note: Happe joins WGO after 19 years at The Toro Company where he most recently served as an Executive Officer and Group Vice President of Toro’s Residential and Contractor businesses and previously held senior leadership positions across the company’s domestic and international divisions. Erickson assumed the position a month after former chief Randy Potts retired in August following four years as CEO and an overall 32-year stint with the Forest City, Iowa-based company. In addition to this, the company is also recording year-over-year decline in profits.” Winnebago Industries (NYSE:WGO) traded down 1.661% during midday trading on Wednesday, reaching $18.655.

This move is expected to provide the company with greater access to strategic and intellectual resources and is not anticipated to significantly impact employment at any current Winnebago locations at this time. Winnebago in October also announced a dividend increase, saying its board had approved a payout to shareholders of 10 cents, up from the previous 9-cent level. Other products manufactured by the Company consisted primarily of original equipment manufacturing (OEM) parts, including extruded aluminum and other component products for other manufacturers, commercial vehicles and commercial transit buses. The Company Operates through three major product categories including, Motorhomes, Towable RVs, Other manufactured products.document.write(‘‘); This story was originally published by Storm Investor (http://www.storminvestor.com) and is the sole property of Storm Investor.

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