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Oshkosh Corporation

Gold Stevie Award Winner 2012, Click to Enter The 2014 American Business Awards

Company: Oshkosh Corporation
Company Description: Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corporation manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Jerr-Dan®, Oshkosh Specialty Vehicles, Frontline™, CON-E-CO®, London® and IMT®.
Nomination Category: Management Awards Categories
Nomination Sub Category: Management Team of the Year - Business Products Industries

Nomination Title: Oshkosh Corporation Management Team

Tell the story about what this nominated management team achieved since January 1 2012 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Oshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles. Oshkosh maintains a leadership position in every market in which they compete.

Under the direction of CEO Charles Szews and the management team of Oshkosh Corporation including President Wilson Jones, has successfully implemented the MOVE strategy to improve profitability and operational performance, while minimizing the dependence on fluctuating government defense spending.

The MOVE Strategy:

M – Market Recovery and Growth in markets which have been down during the Great Recession.

- Oshkosh exited their ambulance and mobile medical businesses to reduce costs and help the fire & emergency segment focus on profitably growing its core business across the globe.

- Each of the non-defense segments posted improved performance and higher operating income margins year over year.

O – Optimize Cost and Capital Structure by constantly evaluating ways to minimize operating and product costs, while maximizing operations.

- Oshkosh Reduced debt by more than $2 billion since the recession first impacted
the global marketplace.
 
- Margin improvement was particularly strong in the access equipment and commercial segments due in part to continuing efforts to reduce product, process and overhead costs

- Improvements in non-defense businesses offset decline in defense segment’s Family of Heavy Tactical Vehicles

- Oshkosh restructured the workforce

 The company made solid progress integrating multiple product lines in their Florida operations

V – Value Innovations give Oshkosh an opportunity to continue to lead in their markets and provide second-to-none aftermarket service and support.
-Launched innovative Rental Series scissor lifts to address cost conscious segments of the access equipment mark

E – Emerging Market Expansion for international growth

Oshkosh is further expanding into key emerging markets like China, Brazil, India and Russia.

-Oshkosh announced a contract to produce 750 M-ATVs for the United Arab Emirates for delivery in fiscal 2013

In 2012, Oshkosh faced a takeover attempt by a major investor, who disagreed with the MOVE strategy and sought to sell off assets to invest deeper in defense plays. With overwhelming support from the investment community, shareholders, and board members, the investor withdrew his bid.

Results:

Throughout fiscal 2012, the Company’s MOVE strategy delivered strong results in an economy that is still recovering from the greatest market downturn since the Great Depression. In the face of continued headwinds, Oshkosh management raised fiscal 2012 performance outlook multiple times during fiscal 2012, as the execution of the MOVE strategy delivered tangible results, and significantly beat Wall Street consensus estimates for each quarter of fiscal 2012

In 2012, Access Equipment net sales increased 42.3% and International sales increased 21% “which further supports our long-term outlook for our non-defense segments.” Szews

Proactive Investors commented in 2013 that “the flexibility Oshkosh has built into operations, coupled with the prospect of wider recovery in non-defense divisions” is reassuring for the future….”a common vision and strategy flows throughout” the company. (www.proactiveinvestors.co.uk)

Looking to fiscal 2015, Oshkosh “expects our continued execution of MOVE will yield even stronger results by driving higher incremental margins and improved cash flows through better execution and cost management, prudent capital allocation and accessible global growth” CEO Szews

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Provide brief (up to 200 words total) biographies of the key members of the management team:

The Oshkosh management team includes:
Charles L. Szews, CEO and Director
Wilson R. Jones, President and COO
David M. Sagehorn,  CFO and EVP
James W. Johnson, EVP  and President of Fire & Emergency Segment
Frank R. Nerenhausen, EVP and President of Access Equipment Segment
John M. Urias, EVP and President of Oshkosh Defense Segment
Brad Nelson,  SVP and President of Commercial Segment.
Bryan J. Blankfield, EVP, General Counsel and Secretary
Gregory L. Fredericksen, Chief Procurement Officer and EVP
Mike Rohrkaste – EVP, Chief Administration and HR Officer
Joseph H. Kimmitt, EVP of Government Operations & Industry Relations