Knight-Swift Transportation introduced Kevin Knight has retired from his position as govt chairman, efficient Wednesday.
Knight was a founding father of Knight Transportation and served as the corporate’s CEO from 1994 to 2014. He performed a key position within the firm’s 2017 merger with fellow Phoenix-based truckload provider Swift Transportation. Knight-Swift acquired Chattanooga, Tennessee-based TL provider U.S. Xpress in 2023.
Knight-Swift (NYSE: KNX) is without doubt one of the nation’s largest diversified freight transportation suppliers, producing $7.5 billion in annual income from its TL, less-than-truckload, logistics and intermodal choices.
“I’m humbled after I replicate on what we’ve got constructed collectively and the place our firm stands immediately,” stated Knight in a Thursday information launch. … “As I’ve been approaching this transition lately, I knew this bridge must be crossed in some unspecified time in the future.
“For me, our merger with Knight and Swift was our biggest collective achievement. The reunification of the Swift and Knight households, mixed with timing, diligence, operational enhancements, and important monetary returns, enabled us to realize every part that adopted.”
David Vander Ploeg has been appointed Knight-Swift’s chairman. He most just lately served because the board’s lead unbiased director. Vander Ploeg spent 24 years at Schneider Nationwide (NYSE: SNDR), serving as chief monetary officer from 2004 till his 2007 departure.
Knight will function a advisor to Knight-Swift for a two-year interval.
A separate submitting with the Securities and Trade Fee confirmed Knight will obtain $20.3 million for his consulting providers and for the forfeiture of unvested fairness awards. Half of the price is payable on June 12, with the rest being paid in equal month-to-month installments over the following two years. The settlement additionally gives medical advantages.
“It can’t be overstated what Kevin has meant to our firm, so lots of our leaders, together with myself, and so many extra inside our trade,” stated Knight-Swift CEO Adam Miller. … “The tradition Kevin helped instill which prioritizes security, operational excellence, and monetary self-discipline is deeply rooted and can proceed to mark our efforts to take Knight-Swift to new heights.”
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