Old Dominion Freight Line Announces Executive Appointment
Greg Gantt Named Executive Vice President and Chief Operating Officer
THOMASVILLE, N.C.--(BUSINESS WIRE)-- Old Dominion Freight Line, Inc. (NASDAQ: ODFL) today announced the promotion of Greg C. Gantt to the position of Executive Vice President and Chief Operating Officer effective June 30, 2011. Mr. Gantt joined Old Dominion in 1994 and had served as Senior Vice President of Operations since 2002. He will continue to report to David S. Congdon, Old Dominion's President and Chief Executive Officer.
Mr. Congdon commented, "I congratulate Greg on his promotion and have confidence in his ability to continue leading our operations, while excelling in his new areas of responsibility. Greg has been instrumental in guiding our operations towards a 99% on-time delivery rate and a cargo claims ratio of approximately 0.5%, which are among the best in the industry. With more than 35 years in the LTL industry, his breadth of experience and strong leadership have helped build Old Dominion's position as the LTL industry's leading service provider. Greg has a proven track record of success and I expect his leadership and guidance will contribute further to the Company's long-term 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. 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 competitive environment with respect to industry capacity and demand, including whether our pricing and resulting revenue are sufficient to cover our operating expenses; (2) the negative impact of any unionization, or the passage of legislation that could facilitate unionization, of our employees; (3) the challenges associated with executing our growth strategy, including inability to successfully consummate and integrate acquisitions, if any; (4) changes in our goals and strategies, which are subject to change at any time at our discretion; (5) various economic factors such as economic recessions and downturns in customers' business cycles and shipping requirements; (6) increases in driver compensation or other difficulties in attracting and retaining qualified drivers; (7) our exposure to claims related to cargo loss and damage, property damage, personal injury, workers' compensation, long-term disability and group health, including increased premiums, adverse loss development, increased self-insured retention levels, and claims in excess of coverage levels; (8) the availability and cost of capital for our significant ongoing cash requirements; (9) the availability and cost of new equipment, particularly in light of regulatory changes impacting the cost of new equipment; (10) decreases in demand for, and the value of, used equipment; (11) the availability and price of diesel fuel; (12) the effectiveness of fuel surcharges in mitigating the impact of fluctuating fuel prices and our ability to collect fuel surcharges from our customers; (13) the costs and potential liabilities related to compliance with, or violations of, existing or future governmental laws and regulations, including environmental laws, engine emissions standards, hours-of-service for our drivers, and new safety standards for drivers and equipment; (14) the costs and potential adverse impact associated with the implementation of the new safety monitoring system of the Federal Motor Carrier Safety Administration; (15) seasonal trends in the industry, including the possibility of harsh weather conditions; (16) our dependence on key employees; (17) the concentration of our stock ownership with the Congdon family; (18) the costs and potential adverse impact associated with potential future changes in accounting standards or practices; (19) the impact caused by potential disruptions to our information technology systems; and (20) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.
Old Dominion Freight Line, Inc. is a leading, less-than-truckload, non-union motor carrier providing regional, inter-regional and national LTL service and value-added logistics services. In addition to its core LTL services, the Company offers its customers a broad range of logistics services including ground and air expedited transportation, supply chain consulting, transportation management, truckload brokerage, container delivery and warehousing services. Through marketing and carrier relationships, the Company also offers door-to-door international freight services to and from all of North America, Central America, South America and the Far East. For more information about Old Dominion, visit www.odfl.com or call (800) 432-6335.
Source: Old Dominion Freight Line, Inc.
Released July 5, 2011