Old Dominion Freight Line Announces Chief Executive Officer Transition
January 31 2023 - 4:05PM
Business Wire
Kevin M. (“Marty”) Freeman to Succeed Greg
C. Gantt as President and CEO
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced
that effective July 1, 2023, its Board of Directors has elected
Kevin M. (“Marty”) Freeman to succeed Greg C. Gantt as the
Company’s President and Chief Executive Officer. Mr. Gantt will
retire from the Company effective June 30, 2023, but expects to
remain a member of the Company’s Board of Directors. Mr. Freeman,
who has served as the Company’s Executive Vice President and Chief
Operating Officer since May 2018, joined the Company in February
1992 and has assumed ever-increasing roles and responsibilities
over the past 30 years.
David S. Congdon, the Company’s Executive Chairman of the Board,
said, “On behalf of our Board of Directors and the entire Company,
I want to thank Greg for his leadership and his numerous
contributions and accomplishments at Old Dominion. Greg has been a
visionary leader and a steward of the Company’s unique culture. He
was also directly responsible for developing our best-in-class
service offering, where every employee is focused on providing our
customers with superior service at a fair price. This value
proposition has supported our ability to win market share for many
years, and we believe our continued focus on this core principle
will support our ongoing ability to grow. I am excited about Greg’s
opportunity to continue to serve on our Board of Directors and look
forward to his continued contributions to Old Dominion’s
success.”
Mr. Gantt stated, “It has been a privilege to serve Old Dominion
as President and Chief Executive Officer, and I am pleased that the
Board has elected Marty to succeed me upon my retirement. Marty and
I have worked closely together for most of my career, and he is an
exceptional leader and champion of Old Dominion. This change in
leadership was part of our long-term succession plan, which has
supported our ability to develop leaders from within our
organization and prepare them to lead the Company into the future.
We have an outstanding team at Old Dominion, and I am confident
that Marty and his team will continue to execute on our proven
long-term strategic plan and take the Company to new heights. I
look forward to watching Old Dominion continue to lead the LTL
industry.”
Mr. Freeman said, “I am honored and excited to serve as Old
Dominion’s next President and Chief Executive Officer. I thank Greg
for his outstanding leadership, as well as David and the rest of
the Board for their confidence, guidance and support. We have an
outstanding team at Old Dominion, and I am energized to work
alongside them to chart our path forward for the benefit of our
employees, customers, and shareholders. I will work tirelessly with
our team to execute our long-term strategic plan, and I am
confident that we can continue to build on the Company’s long-term
record of successful growth.”
Forward-looking statements in this news release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We caution the reader that such
forward-looking statements involve risks and uncertainties that
could cause actual events and results to be materially different
from those expressed or implied herein, including, but not limited
to, the following: (1) the challenges associated with executing our
growth strategy, and developing, marketing and consistently
delivering high-quality services that meet customer expectations;
(2) various risks related to health epidemics, pandemics and
similar outbreaks; (3) changes in our relationships with
significant customers; (4) our exposure to claims related to cargo
loss and damage, property damage, personal injury, workers’
compensation and healthcare, increased self-insured retention or
deductible levels or premiums for excess coverage, and claims in
excess of insured coverage levels; (5) the availability and cost of
equipment and parts, including regulatory changes and supply
constraints that could impact the cost of these assets; (6)
increased costs, beyond what we may be able to recover through
price increases, including as a result of inflation; (7) the
availability and cost of suitable real estate; (8) the availability
and cost of third-party transportation used to supplement our
workforce and equipment needs; (9) the availability and price of
diesel fuel and our ability to collect fuel surcharges, as well as
the effectiveness of those fuel surcharges in mitigating the impact
of fluctuating prices for diesel fuel and other petroleum-based
products; (10) seasonal trends in the less-than-truckload (“LTL”)
industry, including harsh weather conditions and disasters; (11)
the availability and cost of capital for our significant ongoing
cash requirements; (12) decreases in demand for, and the value of,
used equipment; (13) our ability to successfully consummate and
integrate acquisitions; (14) the costs and potential liabilities
related to our international business relationships; (15) the costs
and potential adverse impact of compliance with anti-terrorism
measures on our business; (16) the competitive environment with
respect to our industry, including pricing pressures; (17) various
economic factors such as recessions, inflation, downturns in the
economy, global uncertainty and instability, changes in
international trade policies, changes in U.S. social, political,
and regulatory conditions or a disruption of financial markets,
which may decrease demand for our services or increase our costs;
(18) the negative impact of any unionization, or the passage of
legislation or regulations that could facilitate unionization, of
our employees; (19) increases in the cost of employee compensation
and benefit packages used to address general labor market
challenges and to attract or retain qualified employees, including
drivers and maintenance technicians; (20) our ability to retain our
key employees and continue to effectively execute our succession
plan; (21) potential costs and liabilities associated with cyber
incidents and other risks with respect to our information
technology systems or those of our third-party service providers,
including system failure, security breach, disruption by malware or
ransomware or other damage; (22) the failure to adapt to new
technologies implemented by our competitors in the LTL and
transportation industry, which could negatively affect our ability
to compete; (23) the failure to keep pace with developments in
technology, any disruption to our technology infrastructure, or
failures of essential services upon which our technology platforms
rely, which could cause us to incur costs or result in a loss of
business; (24) disruption in the operational and technical services
(including software as a service) provided to us by third parties,
which could result in operational delays and/or increased costs;
(25) the Compliance, Safety, Accountability initiative of the
Federal Motor Carrier Safety Administration (“FMCSA”), which could
adversely impact our ability to hire qualified drivers, meet our
growth projections and maintain our customer relationships; (26)
the costs and potential adverse impact of compliance with, or
violations of, current and future rules issued by the Department of
Transportation, the FMCSA and other regulatory agencies; (27) the
costs and potential liabilities related to compliance with, or
violations of, existing or future governmental laws and
regulations, including environmental laws; (28) the effects of
legal, regulatory or market responses to climate change concerns;
(29) the increase in costs associated with healthcare legislation
and other mandated benefits; (30) the costs and potential
liabilities related to legal proceedings and claims, governmental
inquiries, notices and investigations; (31) the impact of changes
in tax laws, rates, guidance and interpretations; (32) the
concentration of our stock ownership with the Congdon family; (33)
the ability or the failure to declare future cash dividends; (34)
fluctuations in the amount and frequency of our stock repurchases;
(35) volatility in the market value of our common stock; (36) the
impact of certain provisions in our articles of incorporation,
bylaws, and Virginia law that could discourage, delay or prevent a
change in control of us or a change in our management; and (37)
other risks and uncertainties described in our most recent Annual
Report on Form 10-K and other filings with the SEC. Our
forward-looking statements are based upon our beliefs and
assumptions using information available at the time the statements
are made. We caution the reader not to place undue reliance on our
forward-looking statements as (i) these statements are neither a
prediction nor a guarantee of future events or circumstances and
(ii) the assumptions, beliefs, expectations and projections about
future events may differ materially from actual results. We
undertake no obligation to publicly update any forward-looking
statement to reflect developments occurring after the statement is
made, except as otherwise required by law.
Old Dominion Freight Line, Inc. is one of the largest North
American LTL motor carriers and provides regional, inter-regional
and national LTL services through a single integrated, union-free
organization. Our service offerings, which include expedited
transportation, are provided through an expansive network of
service centers located throughout the continental United States.
The Company also maintains strategic alliances with other carriers
to provide LTL services throughout North America. In addition to
its core LTL services, the Company offers a range of value-added
services including container drayage, truckload brokerage and
supply chain consulting.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131006024/en/
Adam N. Satterfield Senior Vice President, Finance and Chief
Financial Officer (336) 822-5721
Old Dominion Freight Line (NASDAQ:ODFL)
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