05.11.2007 21:20:00
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Old Dominion Freight Line Names David Congdon President and Chief Executive Officer Effective January 1, 2008
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced that the
Board of Directors has appointed David S. Congdon, President and Chief
Operating Officer, to become President and Chief Executive Officer. In
addition, Earl E. Congdon, Chairman and Chief Executive Officer, has
been appointed Executive Chairman of the Board and John B. Yowell,
Executive Vice President, will become Executive Vice President and Chief
Operating Officer. Each of these appointments will become effective on
January 1, 2008. The Company also reported that the Board approved
certain amendments to the Company’s Amended
and Restated Bylaws, including amendments that eliminated the
requirements that the Chairman of the Board of Directors also serve as
Chief Executive Officer and that the President also serve as Chief
Operating Officer.
Earl E. Congdon commented, "I am extremely
pleased with the Board’s actions, which will
allow me the opportunity to transition from my daily responsibilities as
Chief Executive Officer to concentrate on strategic planning,
acquisitions and other significant matters that affect the Company. I am
totally confident in both David and John’s
ability to continue to lead our Company in their new positions. The Board’s
actions are the result of a multi-year effort to create the smoothest
succession transition possible and Old Dominion is fortunate to have
deep managerial strength from which to draw. David Congdon began his
career with Old Dominion in 1978 and has provided exceptional leadership
since becoming our President and Chief Operating Officer in 1997. John
Yowell also has a wealth of knowledge and experience, having joined the
Company in 1983 and having served as our Executive Vice President since
1997.”
Also commenting on the announcement, David Congdon said, "I
am delighted with the leadership changes announced by the Board and the
opportunity to lead Old Dominion into what I believe will be a promising
future. Both John and I have served in a wide variety of management
positions during our careers at Old Dominion, which have prepared us for
these new responsibilities. We are fortunate to have Earl’s
continued guidance from the Board and the support of our senior
management team, who have overseen the Company’s
exceptional record of profitable growth since its initial public
offering in 1991 and its transformation into one of the country’s
leading LTL providers. I believe I speak for everyone at the Company and
our stakeholders in thanking Earl Congdon for his strong and steady
leadership as our CEO for the past 45 years. The changes Old Dominion
has witnessed since Earl joined the Company 58 years ago are remarkable,
but during his tenure as CEO, we have experienced a level of success
unprecedented in our 73-year history. We look forward to building upon
this foundation of success.”
Forward-looking statements in this news release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned 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 Company’s
ability to complete and successfully integrate acquired businesses and
assets and produce the anticipated benefits from such transactions; (2)
the competitive environment with respect to industry capacity and
pricing, including with respect to fuel surcharges; (3) the negative
impact of any unionization of the Company’s
employees; (4) the challenges associated with executing the Company’s
growth strategy; (5) various economic factors such as economic
recessions and downturns in customers' business cycles and shipping
requirements; (6) the availability and cost of fuel; (7) difficulty in
attracting or retaining qualified drivers; (8) the Company's exposure to
claims related to cargo loss and damage, property damage, personal
injury, workers' compensation, long-term disability and group health and
the cost of insurance coverage above retention levels; (9) the Company's
significant ongoing cash requirements; (10) the availability and cost of
new equipment; (11) the costs of compliance with, or liability for
violation of, existing or future governmental regulation; (12) seasonal
trends in the industry, including the possibility of harsh weather
conditions; (13) the Company's dependence on key employees; (14) changes
in the Company's goals and strategies, which are subject to change at
any time at the discretion of the Company; and (15) other risks and
uncertainties indicated from time to time in the Company's filings with
the Securities and Exchange Commission.
Old Dominion Freight Line, Inc. is a less-than-truckload multi-regional
motor carrier providing one-to-five day service among six regions in the
United States and next-day and second-day service within these regions.
Through its four product groups, OD-Domestic, OD-Expedited, OD-Global
and OD- Technology, the Company offers an array of innovative products
and services that provide direct service to 47 states within the
Southeast, Gulf Coast, Northeast, Midwest, Central and West regions of
the country, including 38 states within which it provides full-state
coverage. In addition, through marketing and carrier relationships, Old
Dominion provides service to and from the remaining states as well as
international services around the globe.
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Old Dominion Freight Line Inc. | 211,30 | -0,19% |
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NASDAQ Comp. | 19 218,17 | 0,83% |