Iowa-born Winnebago, famous for its big, boxy motorhomes, is in the midst of a major makeover designed to appeal to a wider base of buyers — and CEO Michael Happe is the man leading the transformation.
This story by Kevin Hardy originally appeared in the Des Moines Register.
The company has rolled out a line of all-electric vehicles and perhaps most notably, Winnebago purchased luxury boat-maker Chris-Craft, signaling its interest in expanding its empire beyond traditional RVs. It also made a recent commitment to Indiana by being part of the 166 manufacturers to create 14,143 new Hoosier jobs in the coming years.
Winnebago has seen its fortunes rise during that time, aided by one of the U.S. economy’s longest expansions ever. Winnebago earned more than $2 billion in fiscal year 2018 — nearly 10 times larger than 2009’s earnings of about $211 million.
Its stock price is hovering around $21.50 a share after peaking at $56 a share in December 2017.
Of Winnebago’s 4,600 employees, about 2,270 work in Iowa at facilities in Forest City, Charles City, Lake Mills and Waverly.
Analysts are enthused by the company’s performance, even amid concern that Winnebago’s motorized segment hasn’t seen the same growth as other parts of the company’s expanded product mix. And the wider RV segment remains vulnerable to a potential economic downturn.
Happe said that Winnebago, which long has enjoyed strong brand awareness with consumers, is beginning to realize its full potential since he arrived in January 2016.
“I am not a turnaround artist,” Happe said in an interview. “I think this is more of a good-to-great journey than it is a turnaround.”
