Ronald E. Armstrong was the CEO of PACCAR Inc from April 2014 until June 2019. He started at PACCAR in 1993 as an assistant division controller and climbed the ranks to become President in 2011 and then CEO. His journey shows a strong focus on performance; in 2018, he earned $4,553,075, largely due to a bonus for exceeding profit goals. Armstrong's leadership style was closely tied to the company's success, as his pay depended on meeting performance targets. Even his retirement year, 2019, reflected this, as he earned a base salary of $752,885 but no bonuses because he retired mid-year. Armstrong also made smart moves with stock options that aligned with PACCAR's growth, which solidified his financial success. He played a key role in the company’s strategic direction and continued to influence PACCAR even after stepping down as CEO. Interestingly, he has a background in accounting, having worked for Ernst & Young for 16 years before joining PACCAR. Overall, Armstrong's tenure highlights a commitment to driving results and aligning executive pay with company performance.

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Ronald E. Armstrong

Ex-CEO of Paccar

Education

Not specified

Field of Expertise

Business & Management

Sector of Economy

Industrials

Born

November 30, 1954 - 70 years ago

CEO of Paccar for

5 years 2 months (Apr 2014 - Jun 2019)

Previous Experience

Joined PACCAR in 1993 as assistant division controller at the Peterbilt Division; promoted to Operations Controller in 1995; Vice President/Controller in 2002; President in 2011.

Rivals

Competitors/colleagues of Ronald E. Armstrong

Mary T. Barra

CEO of General Motors

2023 Compensation

Stock

$18.22M

Salary

$2.10M

Bonus

$4.20M

Other

$567.98K

Total Holdings

$56.23M

Jennifer Rumsey

CEO of Cummins

2023 Compensation

Stock

$2.58M

Salary

$1.50M

Bonus

$2.23M

Other

$583.16K

Total Holdings

$13.09M

Rafael O. Santana

CEO of Wabtec

2023 Compensation

Stock

$9.30M

Salary

$1.33M

Bonus

$3.49M

Other

$27.88K

Total Holdings

$23.13M

Elon Musk

Founder and CEO of Tesla, Inc.

2023 Compensation

Stock

$1.86M

Salary

$0.00

Bonus

$0.00

Other

$0.00

Total Holdings

$92.56B

John C. Pfeifer

CEO of Oshkosh

2023 Compensation

Stock

$3.37M

Salary

$1.09M

Bonus

$0.00

Other

$123.82K

Total Holdings

$7.96M

E. Scott Santi

CEO of Illinois Tool Works

2022 Compensation

Stock

$0.00

Salary

$1.40M

Bonus

$0.00

Other

$0.00

Total Holdings

$70.26M

Holdings

See how much did Ronald E. Armstrong make over time.

During his time at PACCAR, Ronald E. Armstrong held significant stock options, reflecting his commitment to the company’s success. At one point, he had approximately 368,952 shares of PACCAR stock, a testament to his investment in the company. As of his retirement in June 2019, his options were integral to his wealth, which was closely linked to the company's performance. In 2015, he had stock options worth about $5.8 million when PACCAR exceeded profit goals, showcasing how closely he was tied to the company's success. However, after retiring, his stock holdings took a backseat as he transitioned away from active management. By the end of 2018, his stock options had vested, enabling him to reap benefits from PACCAR’s robust performance, reflecting how executives can leverage their positions for long-term financial gain. Armstrong's ability to navigate the stock options system exemplifies a strategic approach to wealth accumulation through corporate performance.

Mar 18, 2025

PCAR @ $100.21

Total Stock Sold

$3.82M

PCAR

$3.82M

133,746 PCAR shares

What if they kept their stock?

If Ronald E. Armstrong didn't sell their stock, today they would have:
Extra PCAR133,746 shares worth $6.00M.
This is 57.17% and $2.18M more than what they got when they sold the stock.

Insider Trading

See recent insider trades of Ronald E. Armstrong.

PCAR

$1.04M

PCAR at $66.00/share

Feb 6, 2019

Sale

PCAR

$2.25M

PCAR at $68.69/share

Feb 7, 2018

Received

PCAR

$2.47M

PCAR at $67.63/share

Feb 7, 2017

Received

PCAR

$2.14M

PCAR at $68.29/share

Feb 3, 2017

Sale

PCAR

$691.93K

PCAR at $58.72/share

Apr 29, 2016

Sale

PCAR

$2.21M

PCAR at $50.00/share

Feb 4, 2016

Received

PCAR

$13.25K

PCAR at $59.58/share

Jan 14, 2016

Received

PCAR

$636.06K

PCAR at $66.16/share

Apr 28, 2015

Sale

PCAR

$693.31K

PCAR at $62.46/share

Feb 4, 2015

Received

PCAR

$13.00K

PCAR at $63.15/share

Jan 14, 2015

Received

Compensation History

See how much did Ronald E. Armstrong make over time.

Ronald Armstrong received variable compensation during his tenure as CEO, which was heavily based on PACCAR’s performance. For example, in 2018, he earned a total of $4,553,075, which included a significant bonus of $3,179,688 for surpassing profit targets. This shows that his pay was designed to motivate high performance. In contrast, in his last year, 2019, he earned $1,281,705 due to his mid-year retirement, which included a salary and other components, but he received no annual bonus because he did not complete the performance period. Over the years, his mix of salary, bonuses, and stock options reflected PACCAR's strong performance culture, emphasizing the importance of aligning executive pay with company achievements. Armstrong’s compensation illustrates how high-level executives can be rewarded for driving a company’s success, making each year’s earnings a reflection of PACCAR’s profits and strategic achievements.

Year

2019

Total Compensation

$1.10M

Salary

$752.89K

Board Justification

PACCAR's compensation philosophy emphasizes performance-based pay, aligning executive compensation with company performance and shareholder interests.

Bonus

$0.00

Board Justification

No annual incentive cash compensation was earned in 2019 as he retired on June 30, 2019.

Other

$342.27K

Board Justification

This amount represents the change in pension value and nonqualified deferred compensation earnings for the year.

Restricted Stock

$0.00(0 N/A)

Board Justification

No stock awards were vested in 2019 as he retired on June 30, 2019.

Performance Metrics

The performance metrics for compensation in 2019 were based on the company's net income and individual performance goals.

Other Paccar CEOs

Here are other CEOs of Paccar

R. Preston Feight

CEO of Paccar

July 2019 - Present