PACCAR Names New CEO

Ronald Armstrong, currently president of commercial truckmaker PACCAR Inc., will take over as CEO on April 27.

Armstrong, 58, will succeed Mark Pigott, 59, who has held the post for 17 years. Pigott, great-grandson of the company's founder, will remain as executive chairman.

PACCAR, which did not explain the management change, makes Kenworth and Peterbilt trucks in the U.S. and DAF trucks in Europe.