Old Dominion Freight Line Names David Congdon President and Chief Executive Officer Effective January 1, 2008
Earl Congdon Also Appointed Executive Chairman of the Board of Directors and John Yowell Appointed Executive Vice President, Chief Operating Officer
THOMASVILLE, N.C.--(BUSINESS WIRE)--
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.
Source: Old Dominion Freight Line, Inc.
Released November 5, 2007