THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors, as part of its designed succession plan, has approved strategic leadership changes that provide continuity for both its executive leadership team and the Company’s long-term strategy. Effective May 16, 2018, Greg C. Gantt has been elected to serve as the Company’s Chief Executive Officer, succeeding David S. Congdon, who has served as Chief Executive Officer since January 2008 and Vice Chairman of the Board of Directors since May 2015. Mr. Gantt, who will also retain his current title of President, originally joined the Company as a Regional Vice President in 1994 and has assumed ever-increasing roles and responsibilities over the past 24 years.
Also effective May 16, 2018, David S. Congdon will become Executive Chairman of the Board, succeeding current Executive Chairman Earl E. Congdon, who will transition to the role of Senior Executive Chairman on the same date. Mr. Earl Congdon and Mr. David Congdon will both remain executive officers of the Company.
Earl Congdon said, “A big part of Old Dominion’s success has been our consistent approach to operating with a long-term perspective, and today’s announcement reflects our Board’s thoughtful approach to timely and careful succession planning. We are fortunate to have a remarkable team, and we are committed to developing leaders from within as part of our unique culture. This culture - our OD Family Spirit - has been cultivated for decades and is critical to our long-term performance. Greg’s promotion to Chief Executive Officer and David’s election to Executive Chairman reflect their demonstrated commitment to preserving our culture, our core values and our business strategy. I could not be prouder of what we have accomplished nor more excited about our future. It has been a privilege and an honor to chair our Board of Directors, and I look forward to continuing to actively participate in the strategic initiatives that have consistently bolstered the performance of our Company while serving in my new role as Senior Executive Chairman. I wish Greg continued success in his new combined role as President and Chief Executive Officer, and I especially want to thank David for his years of visionary leadership and relentless execution that have driven our transformational growth and strong market position.”
“We are thrilled to announce this carefully designed leadership transition at an exciting time for our Company as we continue to deliver strong results,” said David Congdon. “Today’s announcement exemplifies the Company’s strategic approach to long-term succession planning and underscores the tradition of management continuity that has shaped Old Dominion into the organization it is today. I’d especially like to take this opportunity to thank Earl for his guidance and mentorship of this Company’s leaders for over six decades. We have all benefited from Earl’s tireless commitment and determination to make this Company what it is today, and it is difficult for me to fully express how grateful all of us are for what he has done for Old Dominion. Earl has been, and will remain, the backbone of our OD Family Spirit. We look forward to his insight, leadership, and continued commitment to Old Dominion for years to come.”
Mr. David Congdon continued, “On behalf of our Board of Directors and the entire Company, we are proud of Greg’s numerous contributions and his accomplishments within our organization and our industry. Greg has consistently demonstrated that he is a visionary leader and a steward of the Company’s unique culture. We are confident that under his leadership, and with the continued support of our Board and our dedicated family of employees, the Company will continue to innovate, evolve, and grow in the years to come. Serving our Company as its Chief Executive Officer has truly been an honor - but rest assured that I will continue to serve with the same enthusiasm, dedication and commitment to this Company in my new role as Executive Chairman. I am grateful for the opportunity to continue to work with the best team in the industry and look forward to many more accomplishments in the future.”
Greg Gantt said, “I am humbled by the opportunity to lead this great organization, and I look forward to working with our talented team to continue to enhance our market position and drive continued growth in shareholder value at Old Dominion. As David said, it really is an honor to serve as this Company’s Chief Executive Officer, and I appreciate the Board’s confidence in me to assume this role. I would also like to add that we are fortunate to continue to benefit from both David’s and Earl’s strategic oversight and institutional knowledge as they assume their new roles. These well-respected legends in the trucking industry have been a critical part of the Company’s success, and we are pleased that they will remain actively involved in guiding and advising this great Company. I will be working closely with David and Earl, our Board of Directors, our outstanding leadership team, and our talented employees across the Company to ensure that we collectively serve the needs of our customers and shareholders.”
Old Dominion Freight Line, Inc. is a leading, less-than-truckload (“LTL”), union-free motor carrier providing regional, inter-regional and national LTL services, which include ground and air expedited transportation and consumer household pickup and delivery through a single integrated organization. In addition to its core LTL services, the Company offers a range of value-added services including container drayage, truckload brokerage, supply chain consulting and warehousing.
