R. Preston Feight

Chief Executive Officer at PACCAR

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

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

Organization	Role	Date Range
PACCAR Inc.	Executive Vice President	September 2018 to June 2019
PACCAR Inc.	Vice President and President of DAF Trucks	April 2016 to August 2018
PACCAR Inc.	General Manager of Kenworth Truck Company and Vice President	January 2015 to March 2016
PACCAR Inc.	Kenworth Assistant General Manager for Marketing and Sales	April 2012 to December 2014
PACCAR Inc.	Kenworth Chief Engineer	August 2008 to March 2012
Ford Motor Company	Engineer	6 years (dates not specified)
AlliedSignal Inc.	Engineer	2 years (dates not specified)

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details (with citations)
Base Salary	$1,544,231	Annual	Fixed salary for 2023
SIP (401(k) Matching)	$16,500	Annual	Company matching contributions to the SIP
Tax Preparation Services	$4,864	Annual	Income related to tax preparation services

Performance Compensation

Data from FY 2023

Annual Incentive Plan (AIP)

Metric	Value	Details/Citations
Primary Metric	Company Net Income	Threshold: $2.5B, Target: $2.8B, Maximum: $3.2B
Actual Net Income	$4.6B	Exceeded maximum; drove 180% payout
Weights	75% (Company Profit) / 25% (Leadership)
Target Award % of Base	125%	125% of base salary
Payout Achievement	180% of target	Derived from 140% profit goal and 110% leadership
Payment Timing	Q1 2024 (after performance evaluation)	Cash-based; no vesting

Restricted Stock/RSUs (Stock Awards)

Metric	Value	Details/Citations
Performance Metric	5% after-tax return on revenue	Based on net income/total revenues
Grant Date	February 8, 2023
Grant Date Fair Value	$4,262,500
Number of Shares	43,436 shares
Exercise/Base Price	$71.95
Vesting Schedule	25% vesting on the first month following grant; then 25% each January
Settlement Condition	Based on average closing price	Average price on Feb 5, 2024: $104.16

Option Awards

Metric	Value	Details/Citations
Grant Date	February 8, 2023
Number of Options	141,038
Exercise/Base Price	$71.95
Grant Date Fair Value	$1,856,874
Vesting Date	January 1, 2026	Fully vested on this date
Expiration Date	February 8, 2033
Underlying Performance Metrics	Multi-year measures: change in net income, return on sales, return on capital, total shareholder return	LTIP based

Non-Equity Incentive Plan Compensation

Metric	Value	Details/Citations
Performance Measures	Company Profit Goal and Business Leadership	Weights: 75% and 25% respectively
Payout Scale	Threshold: 40%, Target: 100%, Maximum: 200% of target	Sliding scale details provided
Target Award % of Base	125%	Target set as 125% of base salary
Payout Achieved	180% of target	Resulted in actual payout of $3,487,500
Funding Limit	Up to $4,500,000	Within IC Plan funding

Long-Term Cash Award (LTIP)

Metric	Value	Details/Citations
Performance Metrics	Company 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 Date	February 8, 2023
Grant Date Fair Value	Threshold: $246,591, Target: $3,875,000, Maximum: $7,750,000
Vesting Period	Three-year performance period (2023-2025)	Award determined post-cycle
Payment Cap	Maximum 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.