Frozen Food Express Industries, Inc. Announces Retirement of Chief Executive Officer
February 23 2011 - 4:54PM
Frozen Food Express Industries, Inc. (Nasdaq:FFEX) announced today
that Stoney M. "Mit" Stubbs, Jr. has retired as Chief Executive
Officer (CEO) effective at the end of day Monday February 28, 2011,
after twenty seven years as CEO and Chairman of the Board. Mr.
Stubbs will remain on the company's Board of Directors, continuing
his role as Chairman of the Board. Mr. Stubbs will be replaced
as Chief Executive Officer by S. Russell Stubbs, who will also
retain his position as President of the company. Mr. Russell
Stubbs has been with the company since 1986, most recently serving
as President since January, 2010.
Stoney "Mit" Stubbs, Jr. began his professional career with
Frozen Food Express Industries, Inc. ("FFE") as a management
trainee in 1960, after his graduation from Texas A&M and
service in the U.S. Army. Over the next two decades, Mr.
Stubbs, Jr. earned increasing responsibility within the company,
ultimately earning the role of President of the corporation in
1979. In 1984 he was elevated to the roles of Chairman of the
Board, President, and Chief Executive Officer.
Mr. Stubbs, Jr. oversaw the corporation during a period of
dramatic growth, through acquisitions of carriers such as Lisa
Motor Lines, Middleton Transportation and American Eagle Lines in
the 1980s. By 1991, FFE was the nation's largest publicly
owned, nationwide full-service motor carrier of perishable
commodities. In 1992, FFE made Forbes' list of the 200 best
small companies in America, which attracted serious interest from
Wall Street investors for the first time. From 1984, when Mr.
Stubbs, Jr. was elected Chairman and CEO, until 2005, the company
grew from $64 million in annual revenue to over a half billion
dollars in 2005.
In addition to his work at FFE, Mr. Stubbs, Jr. has been a
leader in the transportation industry. In 1995 he served as
Chairman of the Texas Motor Transportation Association and in 1996
he also served as Chairman of the Truckload Carriers Association,
both of which he serves today on the Executive Committee. Mr.
Stubbs, Jr. also continues to serve on the American Trucking
Association's Executive Committee.
Mr. Stubbs, Jr. stated, "FFE has been a part of my family for my
entire life and I have enjoyed every moment of my time
here. There comes a time to pass on the reins and I think that
time has come. I like the management team we have assembled
and I know Russell will do a fine job in leading the company
forward as the new CEO. I will continue to enjoy my service on
the Board and as an active member of the various trucking
associations. I want to thank all that I've known and worked
with for a great life as a trucker."
Mr. Russell Stubbs added, "Mit has been a true titan in
temperature controlled trucking. His leadership, wisdom and
foresight have meant a lot to our company, the industry and me
personally. I am excited at the opportunity I now have to
continue the great tradition of this company and look forward to
many successful years ahead."
About FFE Transportation Services, Inc.
FFE Transportation Services, Inc. is one of the leading
temperature-controlled truckload and less-than-truckload carriers
in the United States with core operations in the transport of
temperature-controlled products and perishable goods including
food, health care and confectionery products. Service is offered in
over-the-road and intermodal modes for temperature-controlled
truckload and less-than-truckload, as well as dry truckload. The
Company also provides brokerage/logistics and dedicated services to
our customers.
Additional information about Frozen Food Express Industries,
Inc. can be found at http://www.ffeinc.com. To join our email alert
list, please click the following link:
http://financials.ffex.net/alerts.cfm. The Company's common stock
is traded on the NASDAQ Global Select market under the symbol
FFEX.
The FFE Transportation Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3209
CONTACT: Frozen Food Express Industries, Inc.
Russell Stubbs, President and CEO
John Hickerson, Executive VP and COO
John McManama, Senior VP and CFO
(214) 630-8090
ir@ffex.net
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