REV Group, Inc., Milwaukee, Wis., a manufacturer of specialty vehicles, has announced that Timothy Sullivan has departed as CEO and as a member of the board of directors. Replacing Sullivan, the board of directors has appointed Rodney N. Rushing as chief executive officer, effective March 23, 2020. Rushing assumes day-to-day strategic and operational leadership of the company and also joins REV Group’s board of directors.
Prior to joining REV Group, Rod Rushing most recently served as president, Building Solutions North America at Johnson Controls Inc. (JCI), a $9 billion revenue business with 30,000 employees. REV said Rushing’s experience spans sales and distribution management, engineering, product development, operations and M&A, and more than 20 years of P&L management.
“The board is confident we’ve selected the ideal next leader of REV Group in Rod. He has a proven track record of delivering high-quality performance through organizational development, financial acuity, commercial excellence, and operational discipline. We were impressed with Rod as a leader, his strategic approach to managing business drivers, and his ability to align resources to achieve results and deliver shareholder value.” said Paul Bamatter, chairman of the board.
According to BizTimes Media in Milwaukee, Sullivan was CEO at REV Group since 2014, when the company was known as Allied Specialty Vehicles. Today, the company’s portfolio is made up of 29 specialty vehicle brands, which Sullivan helped bring together under a single umbrella.
Prior to the REV Group, Sullivan had spent many years with Bucyrus International, and was CEO in 2010-2011 when Bucyrus was sold to Caterpillar. He also served as president and CEO of Gardner-Denver.
While REV Group’s revenue has grown, in part through acquisitions, from $1.74 billion fiscal 2015 to $2.4 billion in fiscal 2019, the company’s profitability has suffered, BizTimes Media reported. Gross profit and net income peaked at $295 million and $31.4 million respectively in fiscal 2017. Last year the company’s gross profit had fallen to $252 million and the company reported a $12.3 million net loss.
According to securities filings, BizTimes Media said, New York-based private equity firm American Industrial Partners, which owns 53.4% of REV Group stock, on March 17 provided written consent to the company to remove Sullivan from his position on the REV Group board and replace him with Rushing.