Spartan Motors CEO John Sztykiel To Retire, Daryl Adams To Succeed

(RTTNews) - Spartan Motors, Inc. (SPAR) said John Sztykiel has decided to retire as President and Chief Executive Officer, effective February 19, 2015. He will serve as a member of Spartan's Board of Directors until his term expires in May 2015 and as a consultant to the company until August 31, 2016.

Spartan Chief Operating Officer Daryl Adams will succeed Sztykiel as President and Chief Executive Officer upon his retirement.

Sztykiel, 57, joined Spartan in 1985 and assumed roles of increasing responsibility, including as President and CEO. During his tenure, revenues increased from $9.9 million to a projected $500 million-plus in 2014.

This represents a 14 percent compound annual growth rate, and Spartan's market capitalization grew from $10 million to more than $170 million, in addition to a 21-year history of paying dividends.

Daryl Adams, 52, joined Spartan Motors as Chief Operating Officer effective August 11. Prior to joining Spartan Motors, he was Chief Executive Officer of Midway Products Group, a privately-held Tier One automotive supplier.

Before joining Midway Products, he held management positions over a 17-year career with global automotive supplier Lear Corp., including senior leadership roles in Lear's North American and European operations.