June 19, 2023 – Greenwich, Conn.-based RSR Partners was recently called in by The Shyft Group in Novi, MI, to lead its search for a new chief executive officer. Brett Stephens and Alan Renne are leading the assignment. “Congratulations to the board of The Shyft Group and its CEO, Daryl Adams, on a terrific succession plan,” RSR Partners said. “This is a fantastic opportunity for the next CEO to build upon the company’s strong foundation and propel it to new heights. We are excited to partner with the board in the evaluation and selection of its next CEO.” The company announced that its board of directors and Mr. Adams have initiated a succession process whereby Mr. Adams will transition from the role of president and CEO once a successor has been appointed. At that time, he will also resign from the board of directors and will remain with the company in an advisory capacity for six months to help ensure a smooth transition.
“On behalf of the board and shareholders, I want to thank Daryl for his many contributions and dedicated service to Shyft over the last nine years,” said James Sharman, chair of the Shyft board. “Daryl has led Shyft through an ambitious business transformation into an industrial growth company with strong prospects. Most recently, we have advanced our differentiated commercial EV, Blue Arc, which is expected to be a significant growth driver for the company, and we are on track to begin production in the second half of the year. The board believes now is the right time to undertake a search for Daryl’s successor to lead the next phase of our transformation and growth strategy.”
“Serving as the CEO of Shyft has been the highlight of my professional career,” said Mr. Adams. “Today, Shyft is well positioned in the attractive last-mile delivery and infrastructure end-markets with a growing roster of innovative brands, including a cutting-edge EV platform. While the near-term market and macroeconomic environment remain dynamic, I am as confident as ever in our team’s ability to deliver for customers and drive long-term value for shareholders. I look forward to supporting the company through a smooth leadership transition.”
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Its customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The company employs about 4,200 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Maine, Michigan, Missouri, Pennsylvania, South Carolina, Tennessee, Texas, and Saltillo, Mexico.
RSR Partners offers any number of vertical specializations, including consumer goods and services, hospitality, industrial, financial services, retail, board, CEOs, CFOs, CHROs, chief information officers, chief marketing officers, sport leadership, risk, board recruiting, board advisory, management consulting, technology, innovation, leadership, assessment, asset management, family office, fintech, investment technology, blockchain, cryptocurrency, leadership assessment, executive search, talent, talent advisory, healthcare, life sciences, human capital, and corporate affairs.
The range of services RSR Partners provides to boards and CEOs include CEO succession planning, CEO search and selection, managing CEO transitions, director recruiting, director succession planning, board evaluations and effectiveness, C-suite search and talent pipeline development, building high performing teams, leadership assessment and succession planning, discreet and thorough candidate due diligence, CEO advisory support and helping CEOs select an outside board.
Mr. Stephens is CEO of RSR Partners and serves on the firm’s board of directors. As CEO, he has guided the firm to focus on clients who believe that talent is the key differentiator for their success. During his tenure, the firm has continued to build its reputation and impact by providing strategic leadership insights and counsel to the firm’s long-term client partnerships. Prior to his current appointment in 2014, Mr. Stephens was a senior member of the firm’s board recruiting, board and CEO services, and CEO practices. He is experienced in working with companies globally — from the Fortune 10 to pre-IPO — on highly-sensitive governance and leadership issues. While at RSR Partners, Mr. Stephens has conducted a number of significant projects in the industry, including board of directors searches for Fortune 50 companies, and CEO and C-suite searches for both public and private equity-backed companies.
Mr. Renne leads the firm’s industrial technology practice and serves as a member of the firm’s executive committee. He recruits senior executives, up to and at the CEO and board director level, for clients across the full array of industrial markets. Mr. Renne specializes in both public and private diversified industrial companies with global operations and with extensive portfolios of products, services, and solutions. Additionally, he is a key member of the firm’s board and CEO services practice, helping companies build competence and effectiveness within their leadership teams and at the board level, and advising on leadership development, succession planning, and organizational design and development. Mr. Renne also has significant experience recruiting financial officers and is regularly involved in recruiting other senior functional leaders with experience in engineering, research and development, finance, strategy, M&A, and EHS/sustainability.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media