THOMASVILLE, North Carolina (July 5, 2011) – 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.
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