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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 13, 1998
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FLEETWOOD ENTERPRISES, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-07699 95-1948322
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3125 Myers Street, Riverside, California 92503-5527
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (909) 351-3500
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Total of sequentially numbered pages: 6
The Exhibit Index for this Current Report on Form 8-K is located at sequentially
numbered page 4.
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ITEM 5. OTHER EVENTS.
ANNOUNCEMENT OF RETIREMENT OF CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER,
SHARE REPURCHASE AND CERTAIN BOARD AND MANAGEMENT APPOINTMENTS.
Attached hereto as Exhibit 99.1, and incorporated herein by reference,
is a press release issued by Fleetwood Enterprises, Inc. (the "Registrant")
on January 13, 1998 relating to: (a) the retirement of John C. Crean, the
founder of the Registrant, as Chairman of the Board and Chief Executive
Officer of the Registrant, (b) the Registrant's agreement to repurchase the
share holdings of Mr. Crean, and (c) certain board and management
appointments.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this current report to be signed on its behalf by
the undersigned hereunto duly authorized.
FLEETWOOD ENTERPRISES, INC.,
a Delaware corporation
Date: January 13, 1998 By: /s/ William H. Lear
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William H. Lear,
Secretary
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EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
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99.1 Press Release: "Fleetwood Announces the Retirement of
Founder and Share Repurchase," dated January 13, 1998. 5
4
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EXHIBIT 99.1
FLEETWOOD ENTERPRISES, INC. (NYSE:FLE)
Paul M. Bingham, Senior Vice President - Finance
Fleetwood Announces the Retirement of Founder
and Share Repurchase
Paul M. Bingham (909) 351-3504
Lyle N. Larkin (909) 351-3535
January 13, 1998 at 7:30 a.m., EST
FLEETWOOD ANNOUNCES THE RETIREMENT OF FOUNDER
AND SHARE REPURCHASE
RIVERSIDE, CA, January 13,1998 - Fleetwood Enterprises, Inc., the
nation's largest producer of manufactured housing and recreational vehicles,
announced today that John C. Crean, founder of the Company, will retire as
Chairman of the Board and Chief Executive Officer. The Company has agreed to
purchase the 72-year old Mr. Crean's current shareholdings at $34 per share,
which is an eight percent discount to the closing market price of $36.9375 on
January 12, 1998.
As a part of the Company's orderly management succession plans, Fleetwood
also announced the appointment of Glenn F. Kummer as the new Chairman and Chief
Executive Officer. Mr. Kummer has been the Company's President and Chief
Operating Officer since 1982. Nelson W. Potter has been named to replace
Mr. Kummer as President and Chief Operating
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Officer, and has been appointed a member of the Board of Directors. Mr.
Potter was previously the Company's Executive Vice President - Operations.
The Company is in the process of pursuing appropriate financing
arrangements to purchase Mr. Crean's 5.2 million shares, which represent
approximately 14 percent of the Company's currently outstanding Common stock.
It is expected that the purchase transaction will be completed within 30 days.
The purchase of Mr. Crean's shares represents a continuation of the
Company's long-term plan of share repurchases, which is intended to enhance
shareholder value. In 1996, the Company successfully completed a Dutch Auction
tender offer for the purchase of 7.7 million shares of Common stock, and also
purchased 2.4 million Common shares from Mr. Crean, then representing 30 percent
of his holdings.
Mr. Crean, who founded the Company in 1950, will become Chairman Emeritus
and is also expected to continue to consult with the Company in the area of
recreational vehicle product development.
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