– USA, IN – Celadon Group, Inc. (NYSE:CGI) today announced the appointment of Paul C. Svindland as Chief Executive Officer, effective on or about July 24. Mr. Svindland, who was unanimously appointed by the Company’s Board of Directors, succeeds Paul Will, who will retire as CEO and Chairman of the Board. Mr. Svindland will also serve as a member of the Board. Mr. Will will serve as a consultant to the Company through July 2018.
Mr. Svindland will officially join Celadon after transitioning from his prior employer. Mr. Svindland currently serves as Chairman and Chief Executive Officer of Farren International Holdings, Inc., a private equity backed holding company for multiple trucking companies, since its merger with EZE Trucking Holdings, Inc. in July 2016. Prior to the merger, Mr. Svindland served as Chief Executive Officer of EZE Trucking Holdings, Inc. since April 2014. Prior to joining EZE, he served as Executive Vice President and Chief Operating Officer at Pacer International, a leading intermodal and logistics provider that was publicly traded prior to being acquired by XPO Logistics, Inc. Prior to Pacer International, Mr. Svindland was a Managing Director of AlixPartners LLP, a global business-advisory firm, where he co-led the global transportation and logistics practice, working with carriers and shippers, to improve their overall operational and financial performance. He joined AlixPartners in October 2006 as a Director and was promoted to Managing Director in December 2009. From 2000 to October 2006, he worked for ICG Commerce, a leading sourcing, procurement, and logistics outsourcing company where he led the firm’s global logistics practice. Mr. Svindland’s experience also includes several years in management roles with Maersk Inc., the world’s largest steamship line. Mr. Svindland serves on the Boards of Suntecktts, HwyTribe and The Salzberg Program at The Whitman School of Management, Syracuse University. Mr. Svindland earned a Bachelor of Science degree from Syracuse University School of Management and an MBA from The Wharton School of Business, University of Pennsylvania.
The Company also announced that Michael Miller, the lead independent director of the Board and Chairman of the Compensation Committee, will replace Mr. Will as Chairman. Mr. Miller has been a director of the Company since February 1992 and, in addition to chairing the Compensation Committee, has served as a member of the Audit Committee and the Nominating and Corporate Governance Committee. Mr. Miller is expected to serve as Chairman during a search process for additional independent directors, including a new Board Chair.
With regard to the CEO change, Mr. Miller stated, “On behalf of the entire organization, I would like to thank Paul Will for his service and dedication to Celadon over the past 24 years. Paul has been an invaluable team member at Celadon, and the Company has seen many significant achievements under his leadership during the past four and a half years. Paul and the rest of the Board have been working collaboratively on succession planning for more than a year, and this change reflects our mutual determination that we have found the right person to provide new leadership. We appreciate Paul’s cooperation and enthusiasm throughout this process, and his steadfast resolve in helping to transition leadership during this critical time.”
Mr. Miller continued, “We believe Mr. Svindland is an excellent addition to our Company, especially in light of his extensive experience in helping drive operational and financial improvements at transportation companies. We believe his experience, energy, and perspective will help guide Celadon toward achieving our strategic initiatives and enhancing stockholder value. Given his background and the insight he has already offered, we fully expect Mr. Svindland to hit the ground running. As the newly appointed independent Chairman, I also look forward to working with Mr. Svindland and the rest of the Board in setting the forward agenda for the Company.”
Mr. Will stated, “I have thoroughly enjoyed my career at Celadon, and it has been an honor to work alongside and serve our employees, professional drivers, and stockholders. For this reason, I felt it was important for me to work with my fellow Board members to allow an effective transition of duties and the appointment of the right leader to take Celadon into its next chapter. I firmly believe that Mr. Svindland is the right person for this role.”
Mr. Svindland said, “I have spent most of my career helping transportation companies realize their true potential. With its large asset base, broad international network, niche businesses, and dedicated associates, I believe Celadon has tremendous untapped opportunity. I look forward to working closely with Jon Russell, Doug Schmidt, the rest of the management team, and our strong corps of employees and professional drivers to capitalize on this opportunity. I would not have accepted this position if I did not truly believe that I would have a meaningful impact on the Company’s trajectory and help enhance value for all stakeholders.”
Celadon Group, Inc. through its subsidiaries, provides long haul, regional, local, dedicated, intermodal, temperature-protect, flatbed, and expedited freight service across the United States, Canada, and Mexico. The Company also owns Celadon Logistics Services, which provides freight brokerage services, freight management, as well as supply chain management solutions, including logistics, warehousing, and distribution.
For more information : http://www.celadongroup.com
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