Thor Industries Announces Strategic Evolution Of North American Operating Model With Formation Of 2 RV Groups

THOR Industries, Inc., the world's largest manufacturer of recreational vehicles, today announced a significant evolution of its North American RV operating model designed to strengthen competitiveness, accelerate collaboration, and unlock substantial synergies across its family of leading RV brands.

For decades, THOR's decentralized structure—where each North American RV OEM operated independently—served the Company well, driving market‑leading performance. However, with rapid dealer consolidation, evolving consumer expectations, increasing operational scale requirements, and the emergence of enterprise-level strategies such as brand optimization and data integration, the North American RV industry has meaningfully evolved. These shifts have created an imperative for greater alignment across THOR's RV operating companies. Over the last several years, THOR has taken the necessary time to lay the foundation for this evolution by building collaborative momentum and assembling the required talent and support teams. As a result, THOR is well-positioned and excited to take this seismic step in our evolutionary process and reap the benefits that this will drive to our dealers, end consumers, and our shareholders.

"The RV industry has changed dramatically, particularly coming out of the COVID disruption, and THOR is changing dramatically with it," said Bob Martin, President and CEO of THOR Industries. "The consolidation of the dealer landscape and the increasing complexity of our marketplace require a unified, collaborative approach focused on exceeding the needs and expectations of end consumers. This evolution positions our teams and our dealers to win—together—while maintaining the entrepreneurial spirit that has always set THOR apart. Ultimately, these changes will best position the THOR North American RV companies to deliver for their dealers and their retail customers."

Formation Of Two North American Groups

Effective immediately, THOR will organize the majority of its North American RV OEM operations into two operating Groups.

Ken Walters, President of Jayco, will lead one group. Through foundational steps, Jayco already leads the Jayco, Entegra, Open Range, and Heartland brands. As part of this next step in THOR's evolution, Tiffin Motorhomes will be added to the group led by Walters. Walters will continue in his role as President of Jayco while assuming the role of CEO of the Group, uniting two of the industry's strongest motorized manufacturers and continuing to grow many of the strongest and most well recognized towable brands in the North American market.

As previously announced, Leigh Tiffin recently resigned from Tiffin Motorhomes. Walters is leading the process to identify the next President of Tiffin.

"The combination of Jayco and Tiffin creates an exciting opportunity to optimize their respective motorized lineups in ways that benefit both our dealers and consumers," said Walters. "Tiffin brings a legacy of craftsmanship and motorized excellence that complements Jayco's innovation and operational momentum. By aligning our strengths and leveraging the industry‑leading practices that have propelled Jayco's strong market position over the last several years, this Group is well positioned to deliver even greater value and performance."

The second Group will be led by Jeff Kime, President of Thor Motor Coach, and will include Thor Motor Coach, Keystone, Dutchmen, and Crossroads brands. Kime will continue in his role as President of Thor Motor Coach while assuming the role of CEO of this Group.

Troy James, currently THOR's SVP of International Business Operations, will become Chief Operating Officer of this Group while continuing in his current role during a transition period. James brings deep operational expertise shaped by a career that spans key roles within the RV industry across North America—from sales to president-level leadership—coupled with the strategic and operational perspective he has gained during the past seven years overseeing THOR's operations in Europe. His broad experience, deep familiarity with THOR's culture, and proven ability to execute in both mature and developing markets position him as a significant value‑add for the Group's evolution and long‑term success. In his new role, James' initial focus will be to help lead Keystone in driving important key enhancements to the organization.

Within this Group, Jeff Runels will continue in his role as President of Keystone. After a period of transition, Ryan Ellson, Thor Motor Coach's Vice President of Sales, will assume the role of President of Thor Motor Coach while Kime will retain his role of CEO of the Group.

"This Group brings together two powerful brands—Thor Motor Coach and Keystone—to create a complete, full‑line motorized and towable portfolio," said Kime. "This alignment allows us to share best practices, streamline operations, and maximize the combined strengths of both organizations. By working closely together, Thor Motor Coach and Keystone will drive meaningful efficiencies and unlock significant synergies that strengthen our overall competitiveness."

Airstream & KZ Remain Stand‑Alone Operations

THOR's remaining North American OEMs, Airstream and KZ, will continue to operate independently, but THOR will continue to enhance collaboration across all brands to fully support and maximize the value of enterprise initiatives.

Synergy Expectations & Strategic Benefits

As THOR advances its Group operating model, the Company expects to realize meaningful structural benefits over time through enhanced enterprise coordination and capability alignment. These benefits are expected to be driven by:

• Strategic sourcing coordination and supplier alignment, supporting long-term cost discipline and supply continuity
• Operational standardization and process improvement, improving efficiency, quality, and consistency across brands
• Brand and portfolio alignment, enabling more focused capital allocation and product investment
• Enterprise-wide data, systems, and digital integration, strengthening analytics, forecasting, customer engagement capabilities, and enabling a unified dealer portal experience across the THOR family of companies

These actions are designed to enhance THOR's long-term competitiveness, reinforce operational resilience across market cycles, and support continued investment in product innovation, quality, and customer experience while also ensuring each of our North American RV operating companies maintains its unique identity.

"We are building for the next decade and beyond, ensuring our brands remain individually strong while leveraging the scale of our organization. We are also ensuring that our operations are agile and efficient, and THOR continues to lead the global RV industry," Martin said. "Ken and Jeff are exceptional leaders, and I am confident in the value these Groups will create for our dealers, customers, and shareholders."

As THOR implements this evolution across its North American RV companies, we are extremely confident about our ability to maximize the value within our key strategic focus areas, namely the North America RV market, the European RV market, and the RV Supply industry.

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