Elkhart-based THOR Industries is consolidating its North American RV operations with key leadership changes.
Jayco President Ken Walters will lead the combined division.
“Ken has done an outstanding job as president of Jayco, guiding a highly respected towable and motorized brand through a difficult market while putting dealers and retail customers first,” said Bob Martin, president and CEO of THOR, in a press release. “Early successes of the Jayco and Tiffin Motorhomes group are promising, and we are eager to amplify those successes across all of our North American RV entities.”
Walters also was the Tiffin Motorhomes group leader. Nic Martin, who was vice president of Jayco, will become its president.
THOR operates a family of companies that manufacture recreational vehicles, including Jayco, Tiffin Motorhomes and Keystone, among many others. THOR acquired Jayco in 2016 for $576 million.
THOR's consolidation will be concentrated into three divisions: North American RV, European and supply.
“Our structure has been decentralized for decades, so this is an involved process but one with potentially significant benefits and cost savings as its outcome,” Bob Martin said. “As our leadership teams within the two RV groups worked through the evaluation phase of this process during the previous two quarters, it became clear to us that we could achieve a greater magnitude of benefits with additional coordination across all of our RV companies that will position THOR to deliver positive benefits for our dealer partners and retail customers, address affordability and enhance our margin profile.”
Other key leadership changes include:
- Mike Ritchie, vice president of finance at Jayco, will become CFO of North American RV operations.
- Trey Miller, vice president of marketing at Jayco, will be promoted to chief marketing officer of the THOR North American RV operations.
- Troy James, chief operating officer of the Thor Motor Coach and Keystone group, will become president of Keystone.
Todd Woelfer, senior vice president and chief operating officer of THOR, said the leadership changes are necessary to keep THOR competitive and to address challenges in the retail RV market.
“We are focused on realizing the benefits of our evolved operating model, driving out costs within the company to strengthen our earnings profile and continue leading the industry in addressing the affordability concerns of RV retail customers,” Woelfer. “We will not simply stand by and pass rising costs on to pressured retail customers and dealers while waiting for an inflection at the retail level.”
THOR was founded in 1980 when Wade Thompson and Peter Orthwein purchased Airstream. The company went public in 1984.
