Old Dominion Freight Line Elects Dr. John D. Kasarda to Board of Directors
THOMASVILLE, N.C.--(BUSINESS WIRE)--
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced the election of Dr. John D. Kasarda to its Board of Directors. Dr. Kasarda is the Kenan Distinguished Professor of Entrepreneurship and Director of the Kenan Institute of Private Enterprise at the University of North Carolina - Chapel Hill. His areas of expertise include transportation, supply-chain management, logistics, commercial real estate and economics. Dr. Kasarda has received many grants and awards from such organizations as the Federal Aviation Administration, World Bank, National Science Foundation, National Academy of Sciences, the United Nations Development Program and the U.S. Agency for International Development. He received his Ph.D. from the University of North Carolina - Chapel Hill and his M.B.A. and B.S. from Cornell University.
Earl E. Congdon, Old Dominion's Executive Chairman, commented, "We welcome John Kasarda to our Board of Directors and are very pleased to add an individual with his transportation expertise and his focus on entrepreneurship. Under his leadership, the Kenan Institute of Private Enterprise has become recognized as one of the country's top educational institutions for the study of logistics and transportation. We look forward to working with John and are excited about the contributions he will make to the success of Old Dominion."
With the election of Dr. Kasarda to the Company's Board of Directors, Old Dominion is again in compliance with Nasdaq's listing standards related to independent director and audit committee requirements as set forth in Nasdaq Marketplace Rules 4350(c)(1) and 4350(d)(2)(A). As Old Dominion announced on October 18, 2007, the Company was temporarily out of compliance with these requirements due to the resignation of a director from the Board at that time.
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.
Source: Old Dominion Freight Line, Inc.
Released January 9, 2008