AAON, Inc. Leadership

Norman H. Asbjornson founded AAON and served as its Chief Executive Officer from the company's inception until May 2020, when he transitioned to the position of Executive Chairman, a role he held until his retirement in May 2022. He also served as President of AAON from inception until November 2016 (when Gary D. Fields was appointed President) and as Executive Chairman of AAON-Oklahoma and Chairman of AAON Coil Products, Inc., both wholly-owned subsidiaries, until his 2022 retirement. He has served as a director since the company's inception in 1988 and, at age 90, remains its largest individual stockholder.

Gary D. Fields served as Chief Executive Officer of AAON from May 2020 until May 2025 and as President from November 2016 until January 2024; effective May 13, 2025 he transitioned to Special Advisor to the Board. He was elected a director of AAON in 2015 and has been involved in the HVAC industry for more than 35 years. From 1983 to 2012 he was an HVAC equipment sales representative at Texas AirSystems, the largest independent HVAC equipment and solutions provider in Texas, and from 2002 to 2012 was a member of its ownership group.

Angela E. Kouplen was first elected a director of AAON in 2016 and serves as Chair of the Compensation Committee and a member of the Audit Committee. She currently serves as Senior Vice President and Chief Human Resources Officer of ONE Gas, Inc. (NYSE: OGS), having joined that company in 2023, and previously was Vice President of Administration and Chief Information Officer at the University of Tulsa from 2021 to 2023. She held several executive positions at WPX Energy from 2012 to 2021, including Senior Vice President and Chief Information Officer, and earlier served in sourcing and IT leadership roles at the Williams Companies; she holds an M.B.A. from the University of Tulsa.

Caron A. Lawhorn was elected a director of AAON in January 2019 and serves as Chair of the Audit Committee, a member of the Governance Committee, and Independent Vice Chair of the Board. She retired as Senior Vice President and Chief Financial Officer of ONE Gas, Inc., a role she held from March 2019 to December 2023, and previously served as Senior Vice President, Commercial following ONE Gas's separation from ONEOK, Inc. in January 2014. She joined ONEOK in 1998 after serving as a Senior Manager at KPMG and Chief Financial Officer of the Emergency Medical Services Authority in Tulsa, holds a business administration degree from the University of Tulsa, and is a certified public accountant.

Stephen O. LeClair was elected a director of AAON in 2017 and serves on the Audit and Governance Committees. He served as Chief Executive Officer of Core & Main, Inc. (NYSE: CNM), the nation's largest distributor of water, sewer, storm and fire protection products, from August 2017 through March 2025 and currently serves as its Executive Chairman. He previously was President of HD Supply Waterworks from 2011 to 2017 and held various roles at General Electric from 1992 to 2005, and holds a mechanical engineering degree from Union College and an M.B.A. from the University of Louisville.

A.H. ("Chip") McElroy II, P.E., was elected a director of AAON in 2007, chairs the Governance Committee, serves on the Compensation Committee, and was elected Independent Chairman of the Board at the 2022 Annual Meeting. Since 1997 he has served as President, CEO and Chairman of McElroy Manufacturing, Inc., a privately held Tulsa-based manufacturing company, and since 2002 as Chairman of Southern Specialties Co., a privately held specialty sheet metal manufacturer. He has served on the board of Pryer Aerospace since 2016 and holds a mechanical engineering degree from the University of Tulsa.

David R. Stewart was elected a director of AAON in October 2021 and serves on the Audit and Governance Committees, bringing over 40 years of professional experience to the Board. He serves as Chief Administrative Officer and Trustee of the Oklahoma Ordnance Works Authority in Pryor, Oklahoma, an industrial public trust that owns and operates MidAmerica Industrial Park, a position to which he was appointed in December 2012 by former Oklahoma Governor Mary Fallin. MidAmerica Industrial Park spans 9,000 acres and is home to more than 80 companies, including Google, Siemens and Chevron Phillips; Mr. Stewart is a citizen of the Cherokee Nation.

Matthew J. Tobolski, PhD, was appointed President and Chief Executive Officer of AAON effective May 13, 2025 and was added to the Board of Directors that same month. He had served as President and Chief Operating Officer since January 2024 and, from 2014, as President and Co-Founder of AAON's wholly-owned subsidiary BASX, Inc.; from 2017 to 2022 he was an Executive Advisor to Structural Integrity Associates, Inc. following the sale of his earlier companies Tobolski Watkins Engineering, Inc. and TRU Compliance, LLC. He holds a bachelor's degree in civil engineering from the University of Massachusetts Dartmouth and a master's degree and Ph.D. in structural engineering from the University of California San Diego, and is a licensed civil and structural engineer in California, Oregon and Washington.

Bruce Ware was elected a director of AAON in October 2021 and serves on the Audit and Compensation Committees. He is Chairman and CEO of One America Bancorp, Inc., a financial institution he founded to provide niche financial and banking services, and previously was a Corporate Vice President at DaVita, where he led growth, partnership and capital-raising activities. Earlier he served as Assistant Treasurer of Comstock Resources and began his career in the investment banking department of Donaldson, Lufkin & Jenrette; he holds an M.B.A. from Harvard Business School and an M.A. from The University of Texas at Austin.

Rebecca A. Thompson serves as Chief Financial Officer and Treasurer of AAON and was one of the company's named executive officers for fiscal years 2023 through 2025. In June 2025 she assumed the additional role of interim principal accounting officer following the resignation of Christopher D. Eason. Effective April 20, 2026 she will transition to AAON Chief Accounting Officer in connection with Andy Cheung joining the company as Executive Vice President and Chief Financial Officer.

Stephen E. Wakefield was appointed Executive Vice President of AAON and General Manager of the AAON products business unit effective January 1, 2025 and was a named executive officer for fiscal 2025. He previously served as Vice President and Chief Operating Officer from 2020 to 2023, Vice President of Engineering from 2018 to 2020, and Director of Engineering from 2017 to 2018, and held various engineering leadership roles at the company for over 15 years. Effective January 1, 2026 he transitioned to the role of AAON Fellow, Principal Engineering Advisor.

Casey R. Kidwell was appointed Chief Administrative Officer of AAON effective January 1, 2025 and was a named executive officer for fiscal 2025, having served as the company's Vice President of Administration since 2022. He joined AAON in 2021 as Director of Administration. Prior to joining the company he served for nearly 10 years in various roles at WPX Energy, most recently as Human Resources Operations Manager.

Matthew J. Shaub was appointed Executive Vice President of AAON and General Manager of the BASX products business unit effective January 1, 2025 and was a named executive officer for fiscal 2025. He joined AAON in January 2024 as Director of Product Management, having previously served as Senior Vice President of Operations and Strategy at HB Global, LLC from 2020 to 2023 and as Vice President and General Manager, Commercial Ducted Systems, at Johnson Controls from 2019 to 2020. Earlier he held various leadership roles at Johnson Controls (York International) for over 19 years.

Doug Wichman was promoted to Executive Vice President and General Manager of AAON's AAON products business unit effective January 1, 2026. He has been with the company since 2012, most recently serving as Executive Director of Manufacturing since November 2024, and previously as Executive Vice President of AAON Coil Products from 2022 to 2024 and as AAON's Director of Manufacturing in Tulsa and Plant Manager. In connection with the promotion the Board set his 2026 compensation at a $350,000 base salary with target annual incentive of $210,000 and target long-term incentive of $330,000.

Andy Cheung, age 51, was announced on April 2, 2026 as AAON's incoming Executive Vice President and Chief Financial Officer, joining the company on April 20, 2026. He most recently served for three years as Executive Vice President and Chief Financial Officer of a publicly traded manufacturing company and previously held senior financial leadership positions for more than 25 years in the HVAC and automotive industries. Born in Hong Kong, he holds a Bachelor of Business Administration in Accounting from the Hong Kong University of Science & Technology and an M.B.A. from the University of Chicago, and is a Certified Public Accountant.