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    R. Preston Feight

    Chief Executive Officer at Paccar Inc
    Board
    Since July 2019
    Age
    57 years
    Education
    Earned a B.S. in Mechanical Engineering from Northern Arizona University and an M.S. in Engineering Management from the University of Colorado.
    Tenure
    Joined PACCAR in January 2015 as General Manager of Kenworth Truck Company and Vice President, later serving as President of DAF Trucks and Executive Vice President before becoming CEO in July 2019.

    Also at Paccar Inc

    ALL
    A. Lily Ley
    Vice President and CIO
    BJP
    Brice J. Poplawski
    Vice President and Controller
    CMD
    C. Michael Dozier
    Executive Vice President

    About

    At 57 years old as of February 2025, the executive has built a foundation in mechanical engineering that laid the groundwork for a successful career in the commercial vehicle industry.

    His professional journey began with engineering roles at Ford Motor Company and AlliedSignal Inc., and later evolved through several critical positions at PACCAR, including roles as Kenworth Chief Engineer, Assistant General Manager for Marketing and Sales, General Manager of Kenworth Truck Company and Vice President, and President of DAF Trucks.

    Since stepping into the role of Chief Executive Officer in July 2019, he has demonstrated effective leadership and a deep understanding of global operations, contributing to the growth and strategic direction of the company. His continued commitment is further underscored by his service as a director since 2019, marking a career defined by progressive responsibility and industry expertise.

    $PCAR Performance Under R. Preston Feight

    Past Roles

    OrganizationRoleDate Range
    PACCAR Inc.Executive Vice PresidentSeptember 2018 to June 2019
    PACCAR Inc.Vice President and President of DAF TrucksApril 2016 to August 2018
    PACCAR Inc.General Manager of Kenworth Truck Company and Vice PresidentJanuary 2015 to March 2016
    PACCAR Inc.Kenworth Assistant General Manager for Marketing and SalesApril 2012 to December 2014
    PACCAR Inc.Kenworth Chief EngineerAugust 2008 to March 2012
    Ford Motor CompanyEngineer6 years (dates not specified)
    AlliedSignal Inc.Engineer2 years (dates not specified)

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details (with citations)
    Base Salary$1,544,231AnnualFixed salary for 2023
    SIP (401(k) Matching)$16,500AnnualCompany matching contributions to the SIP
    Tax Preparation Services$4,864AnnualIncome related to tax preparation services

    Performance Compensation

    Data from  FY 2023

    Annual Incentive Plan (AIP)

    MetricValueDetails/Citations
    Primary MetricCompany Net IncomeThreshold: $2.5B, Target: $2.8B, Maximum: $3.2B
    Actual Net Income$4.6BExceeded maximum; drove 180% payout
    Weights75% (Company Profit) / 25% (Leadership)
    Target Award % of Base125%125% of base salary
    Payout Achievement180% of targetDerived from 140% profit goal and 110% leadership
    Payment TimingQ1 2024 (after performance evaluation)Cash-based; no vesting

    Restricted Stock/RSUs (Stock Awards)

    MetricValueDetails/Citations
    Performance Metric5% after-tax return on revenueBased on net income/total revenues
    Grant DateFebruary 8, 2023
    Grant Date Fair Value$4,262,500
    Number of Shares43,436 shares
    Exercise/Base Price$71.95
    Vesting Schedule25% vesting on the first month following grant; then 25% each January
    Settlement ConditionBased on average closing priceAverage price on Feb 5, 2024: $104.16

    Option Awards

    MetricValueDetails/Citations
    Grant DateFebruary 8, 2023
    Number of Options141,038
    Exercise/Base Price$71.95
    Grant Date Fair Value$1,856,874
    Vesting DateJanuary 1, 2026Fully vested on this date
    Expiration DateFebruary 8, 2033
    Underlying Performance MetricsMulti-year measures: change in net income, return on sales, return on capital, total shareholder returnLTIP based

    Non-Equity Incentive Plan Compensation

    MetricValueDetails/Citations
    Performance MeasuresCompany Profit Goal and Business LeadershipWeights: 75% and 25% respectively
    Payout ScaleThreshold: 40%, Target: 100%, Maximum: 200% of targetSliding scale details provided
    Target Award % of Base125%Target set as 125% of base salary
    Payout Achieved180% of targetResulted in actual payout of $3,487,500
    Funding LimitUp to $4,500,000Within IC Plan funding

    Long-Term Cash Award (LTIP)

    MetricValueDetails/Citations
    Performance MetricsCompany Performance (75%) and Business Leadership (25%)Based on three-year changes (net income, return on sales, return on capital, shareholder return)
    Sliding Scale<75%: 0%, 75%: 50%, 100%: 100%, 125%: 150%, 150%: 200%
    Grant DateFebruary 8, 2023
    Grant Date Fair ValueThreshold: $246,591, Target: $3,875,000, Maximum: $7,750,000
    Vesting PeriodThree-year performance period (2023-2025)Award determined post-cycle
    Payment CapMaximum annual cash: $7,000,000

    This performance compensation breakdown covers the key components for 2023 including the AIP, Restricted Stock/RSUs, Option Awards, Non-Equity Incentive Compensation, and the Long-Term Cash Award, with detailed metrics, targets, vesting schedules, and payout conditions as provided in the documents.