Newmar ceo news

[AbdRahim]

I agree it is not normal and we may never know the truth that he wanted to put a giant W ornament on the roofline. Just kidding. My experience has been that if you have a senior position in a company, they sometimes will ask you to leave even same day (especially if going to a competitor) or accelerate the departure to the end of the week. Two reasons sometimes are to prevent poaching key employees once the departure is public information and or prevent copying photographing sensitive documents which of course can happen long before the departure. Every company deals with it differently. Hopefully the impact is irrelevant and they continue to deliver coaches and keep their customers satisfied.

Could be. I was a lowly sales person with a very small outfit. The day I gave my two week notice, I was asked to leave that day.

 

[Old-RV'er]

Yes, we used to get contractors out the same day, termination (regardless of why) was happeing. He may have seen handwriting on wall. What? Almost 200 ships sitting off CA coast unable to unload. Truckers prevented from even going into ports because trucks do not meet CA's environmental regulations (blocking out 170 Drivers from moving containers). Containers sitting along east coast, no one to get them west. Parts unavailble to repair trucks (this was article today). 100,000,000+ individuals not looking for work, but able to work in US, this number has gone up the last 14 months-some pandemic related. I think soon, the eonomy is going to burp, and I don't just mean gas, I mean a total emptying of confidence and every market is going to go down 50% over short time. Today, I paid 3.099 gallong for RU gas, not highest I have paid, but over 100% than August of 2020. Diesel is all over 3.20 gallon everyplace. That fuel is needed to power all is going to have huge impact. And if anyone remotely believes electric vehicles are going to be the defacto standard in 50 years, I have several bridges to sell you, you can pick which one. In 1984 I scheduled energy for the second largest electrical utility in the USA. THEN, CA was short 3-5000 MW's of energy, that problem has only worsened. TX, tried with windmills, hmmm did not work out so well, But T. Boone Pickens, well he walked all the way to the bank smiling. Get ready, that this CEO saw/sees the handwriting on the wll, well you ladies and gentlemen are just about as smart.

 

[FLSteve]

Get ready, that this CEO saw/sees the handwriting on the wll, well you ladies and gentlemen are just about as smart.

@Old-RV'er ... just trying to understand what this means. Is the handwriting on the wall mean that Newmar is going downhill and may fail due to all these issues that you point out (and I agree with BTW) so he is getting out now so he won't get blamed?? I currently have a coach on order so sure hope this is not the case.

FLSteve

 

[Old Bubblehead]

@FLSteve, my take would be that @Old-RV'er believes the RV market will be crashing soon and the CEO is bailing out before the fan gets darkened by brown material.

 

[MapNerd]

I don’t think they will fail, but certainly a market correction will happen eventually. When is anyone’s guess.

 

[redbaron]

Real estate is already headed to correction. Zillow over bought 7k homes, and they let go 25% of workforce.

The other ibuyers are slowing dramatically.

Some peak markets are still at all time highs, but inventory is not turning as fast as it has been.

When zillow starts pricing things at a loss for the purchases, the market will react.

 

[sheridany]

@FLSteve I think you have to break his perspective into two parts. One is the perspective of the economy and where the country is headed economically. I am keeping political out of this. Everyone can form their own opinions on the economy good bad or indifferent. The question you are asking is will Newmar fail as a result. You have to look at WGO and their financial performance. 3.6 B in revenue for the full fiscal year. Since 2016, they grew from a 1.0B and have a 2.4B market cap currently. More than 80% of the shares are owned by institutions.

They have an impressive 2.3 billion backlog of orders for motorhomes along with solid growth numbers.

WGO long term performance is pretty solid as well and they are growing market share some in part due to acquisitions like Newmar.

The punch line here is Newmar is backed by a financially sound company that is well capitalized to handle turbulent times ahead. The real question is how quickly can the economy recover from the supply chain disruption today and get back to pre pandemic operating levels. Do I think Newmar can fail? It would take an unseen order of magnitude to happen that we haven’t seen before. Sure it could happen, but it would be extreme.

We will never know the real reason the CEO departed but two months Into the job is hardly long enough to really understand the business. No doubt, Newmar has its challenges as does every industry today dealing with supply chain issues. Hopefully, they weather the storm and get back to their operating standards they had before. Every single manufacturer including bus conversion companies are all experiencing the same thing. It comes down to parts, raw materials and labor along with consumer demand for product. They need an ample supply of all of the components listed and so far consumer demand is still there.

 

[redbaron]

Real estate is already headed to correction. Zillow over bought 7k homes, and they let go 25% of workforce.

The other ibuyers are slowing dramatically.

Some peak markets are still at all time highs, but inventory is not turning as fast as it has been.

When zillow starts pricing things at a loss for the purchases, the market will react.

Oh
..and don't forget the real kicker. Property tax is due on all the inventory these iBuyers have. The did not fund the property tax at closing, rather choosing to use the cash for purchases.

March 2022 is my prediction when things get noisy.

 

[FLSteve]

@sheridany ... well stated/explained and I understand it much better. Thank you. I never thought Newmar would fail. Was just trying to get a better understanding of what @Old-RV'er was saying.

FLSteve

 

[Old-RV'er]

All - I think people are starting to take a close look at how much things are going to cost, and they will decide to NOT buy that expensive crap made RV. I really think the RVIA and their numbers are bogus, even though registrations are up, I see RV dealser with lots full of new ones. Now they may be half finished, but lots are full. Winne and Newmar are well run, but, external forces are starting to force all people, to take a hard look at future, and how much this and that are going to cost, and figure out what is most important, an RV, or food on the table for kids, and fuel in tank to get to work. Although, even with a dollar and more per gallon increase in costs, we have not seen a decrease in cars on road. But we have top, on what we will pay for Diesel to use ours, and that price is fast approaching, your "top" is different, but everyone has a 'TOP".

 

[JJT-NC]

Yes, we used to get contractors out the same day, termination (regardless of why) was happeing. He may have seen handwriting on wall. What? Almost 200 ships sitting off CA coast unable to unload. Truckers prevented from even going into ports because trucks do not meet CA's environmental regulations (blocking out 170 Drivers from moving containers). Containers sitting along east coast, no one to get them west. Parts unavailble to repair trucks (this was article today). 100,000,000+ individuals not looking for work, but able to work in US, this number has gone up the last 14 months-some pandemic related. I think soon, the eonomy is going to burp, and I don't just mean gas, I mean a total emptying of confidence and every market is going to go down 50% over short time. Today, I paid 3.099 gallong for RU gas, not highest I have paid, but over 100% than August of 2020. Diesel is all over 3.20 gallon everyplace. That fuel is needed to power all is going to have huge impact. And if anyone remotely believes electric vehicles are going to be the defacto standard in 50 years, I have several bridges to sell you, you can pick which one. In 1984 I scheduled energy for the second largest electrical utility in the USA. THEN, CA was short 3-5000 MW's of energy, that problem has only worsened. TX, tried with windmills, hmmm did not work out so well, But T. Boone Pickens, well he walked all the way to the bank smiling. Get ready, that this CEO saw/sees the handwriting on the wll, well you ladies and gentlemen are just about as smart.

TL;DR Stopped where 50% of eligible workforce are said to be not looking for work.

I'm new here. What is this forum about, anyway?

 

[turbopilot]

Leaders of big companies typically do not leave in 4 days. When I have seen this happen it is usually for cause or health.

 

[Old Bubblehead]

TL;DR Stopped where 50% of eligible workforce are said to be not looking for work.

I'm new here. What is this forum about, anyway?

JJT, Welcome. This is a great forum for RV information with the opportunity to also discuss issues that affect the RV industry as well. Lots of Newmar owners here (and former Newmar owners) that can help you get settled into your new rig. Like any forum, you will get a wide range of topics and opinions. I exercise the glance and pass option often.

 

[FLSteve]

Now we know where he went ...

EXCLUSIVE: Newmar President Joins Briggs & Stratton - RV News

Matt Miller spent 15 years as Newmar Corp.’s president. His successor spent less than three months in the position.

www.rvnews.com

FLSteve

 

[Old Bubblehead]

Hopefully, they find a quality person to step in and lead the organization into the future. These short notice moves shake up the team, and send waves of concern threw an already concerned customer base.
We will never really know what happened here, not really any of our business what personal issues drove this individual to make a change so soon. Hope it works out for him and his family. I also hope that Winne finds a great candidate for Newmar than can improve where needed and not fix what is not broken.