In a surprising announcement, major RV component manufacturer Lippert (LCI Industries) has announced that Jason Lippert has stepped down from his role as president and CEO from the company that bears his name, effective immediately. He will also depart the company’s board of directors.
A Family Affair
Lippert was founded in 1956 by Jason Lippert’s grandfather, Larry Lippert. Jason Lippert became Chief Executive Officer of the main public holding company (now known as LCI Industries) in May 2013. He also served as the CEO of its subsidiary, Lippert Components, starting in February 2003.
The move comes after merger talks between Lippert and competing RV supplier giant Patrick Industries fizzled out. The parties were eventually unable to reach a middle ground, though the leadership of the potential merged company had been agreed upon. Whether the dissolution of the merger and this sudden retirement are related is unknown.
“We want to thank Jason for his leadership and his deep commitment to LCI Industries over many decades, comments the Board. Under his leadership, LCI Industries grew from a company with $125M in annual revenue to a company with annual revenue in excess of $4B.”
Former Camping World Executive Steps In
Independent Director Johnny Sirpilla has been appointed by the Board of Directors to serve as interim Chief Executive Officer, effective immediately. Sirpilla has served on the board since 2019. Lippert has agreed to serve in an advisory capacity for a period of one year to support the transition, while the Board conducts a search for a permanent CEO from both internal and external candidates.
Sirpilla owned an independent RV dealership before becoming the President of Retail Stores at RV dealership giant Camping World, where he eventually became the Company’s Chief Business Development Officer before retiring in 2017.
Additional Leadership Changes
Separately, the Board of Directors has named Virginia Henkels as Chair of the Board, succeeding Tracy Graham, who stepped down after 10 years of service.
Headquartered in Elkhart, Indiana, Lippert is a publicly traded supplier of components for the RV, marine, automotive, commercial vehicle, and housing industries. It trades on the New York Stock Exchange under the ticker symbol LCII.
