Letter to Stockholders
This letter from President and CEO Brent Yeagy to stockholders is included in Wabash National Corporation's 2020 Annual Report available at ir.wabashnational.com.
Dear Fellow Stockholders,
The year 2020 will be remembered as an unprecedented period as the business world navigated through a global health crisis, softening markets, supply chain disruptions and global economic uncertainty. We learn the most about ourselves and our organizations from the challenges we encounter, and it is through these challenges that we prove what we are capable of doing. With that in mind, I couldn’t be prouder of how the Wabash National team responded to the challenges of 2020.
In addition to overcoming obstacles brought about by the pandemic, we remained focused on our purpose of Changing How the World Reaches You™ by executing our first to final mile strategy and maintaining our resolve to structurally realign and reorganize our business as One Wabash. Together we are creating a new environment where we are: 1) prioritizing ease of doing business for our customers; 2) creating a growing portfolio of innovative engineered solutions that span from first to final mile; and 3) designing a culture that continually seeks to improve process via the Wabash Management System to create value for our customers, employees and stockholders.
2020 was a test of our human resiliency, and it was also a test of the strength of our product portfolio and the processes we’ve embedded within our business. Our process discipline enabled the company to absorb a notable reduction in volume while minimizing the impact to operating income, resulting in strength of financial performance never before accomplished during a significantly challenging environment in the history of Wabash National. We aim to continue this improvement as we leverage our customer-centric organizational structure along with opportunities for strategic growth.
Our new organizational structure based on value streams and customer centricity is yielding early and significant wins of reducing friction for customers and is allowing us to think in new and interesting ways. Our purpose, vision and mission provide common direction throughout our organization, and the growth of a values-based culture that is also shaped by our Wabash Management System helps us act with renewed strategic purpose.
Part of our new culture and strategic purpose anchors on corporate responsibility and a commitment to environmental, social and governance (ESG) principles. Whether it’s innovating with environmental impact in mind, ensuring diversity of backgrounds and viewpoints on our board of directors, or simply standing up for what we believe is right on social issues, I believe our ESG focus sets Wabash National apart and uniquely positions us as a desirable supplier to customers who value ESG principles. We were pleased to release our first sustainability report in December 2020 as evidence of our commitment to these principles.
There is something special happening at Wabash National, and we look forward to sharing the journey with you. I am ever grateful for the hard work and dedication of our people; the strategic oversight of our board of directors; the trust and support of our customers and suppliers; and the confidence of you, our stockholders, in Wabash National and our long-term success.
Brent L. Yeagy
President and Chief Executive Officer