Indiana Logistics Sector Loses Big Name

Posted: Updated:

The founder of a high-profile logistics company in the state has died. New York native Steve Russell launched Indianapolis-based Celadon Group Inc. (NYSE: CGI) in 1985. The company began as a van carrier transporting automotive components to Mexico and has since grown to employ more than 4,000, operating some 5,000 tractors and 12,000 trailers throughout North America. Russell was 76.

He served as chairman and chief executive officer of Celadon from its inception through December 2012. Current CEO and Board Chairman Paul Will says "we are deeply saddened by Steve's passing. Our thoughts and prayers are with Steve's family and many friends at this time."

In recent years, Russell dialed back many of his responsibilities, stepping down last year as board chairman. Will says "we instituted a succession plan several years ago to begin to plan for this date. Over the past year, we have promoted Eric Meek to President and COO and made other changes to our executive team as Steve stepped away from the business."

Russell, a member of the executive committee of the American Trucking Associations, also served on several boards, including the Cornell University Graduate School of Management (from where he earned bachelor's and master's degrees), the Eiteljorg Museum of American Indians and Western Art in Indianapolis and the Indianapolis Museum of Art.

His career also includes positions with Ford Motor Co., RCA Corp. and Hertz Truck and Equipment Corp. He earned a BA in mathematics and an MBA in finance and marketing from Cornell University.

Former Governor Mitch Daniels honored Russell with a Sagamore of the Wabash Award for lobbying efforts related to the eventual statewide adoption of Daylight Saving Time. He's a member of the Central Indiana Business Hall of Fame.

Celadon Group has a presence in the United States, Canada and Mexico and owns Celadon Logistics Services.

During a 2012 interview with Inside INdiana Business Radio, Russell talked about starting the business from the ground up.
  • Perspectives

    • Want A Guaranteed Negative Return?

      Here we go again! On Wednesday, August 14th, we watched the Dow Jones Industrial Average (DJIA) drop over 800 points.  The previous Monday the Dow ended down over 700 points. But what you may have missed is the sharp downward move in interest rates that has intensified with the recent stock market volatility. What does this mean for your portfolio?

    More

Events



  • Most Popular Stories

    • (photo courtesy The Times of Northwest Indiana)

      Hammond Pulls 135 Jobs from Illinois

      A Hammond factory recently vacated by Michigan-based Lear Corp. didn’t sit empty for very long. Midland Metal Products has taken over the former seat factory, having relocated from Chicago after 95 years. 

    • (photo courtesy of TriCore Logic)

      Fort Wayne IT Firm Expanding

      TriCore Logic has announced plans to expand its office space and staff at its downtown Fort Wayne headquarters. The company plans to invest over $200,000 in the expansions. The 2010-founded company moved to the Anthony Wayne building in 2013, and now plan to grow their staff of five employees by up to eight over the next four years. 

    • ‘Transformation’ Continues in Westfield

      Indiana’s fastest growing city is showing no signs of slowing down.  Mayor Andy Cook says now that Westfield has established itself as a destination for family sports with the Grand Park Sports Campus, the $35 million Grand Junction Plaza will transform the city’s downtown into a destination, a place “where people want to be.”   Cook says the project, more than a decade in the making, is an example of a place making strategy necessary for Midwest...
    • (courtesy Wes Mills)

      Purdue: Farmland Values Decline Fifth Straight Year

      The value of top-quality farmland in Indiana has declined continuing a five-year trend, according to the latest data from Purdue University.  The statewide average of the best cropland is $8,212 per acre, down more than five percent, or $456 per acre, from the same period last year. Purdue’s survey shows average and poor-quality farmland values also dropped, but not as much. Average quality farmland declined by 0.9 percent. Purdue says the poor...

    • (Image courtesy of Horseshoe Casino Hammond.)

      Indiana Casinos to Begin Sports Betting

      A pair of northwest Indiana casinos will soon add sports wagering to their offerings. Horseshoe Hammond Casino and Ameristar Casino East Chicago are both set to open sports betting areas at their respective casinos ahead of the kickoff to the 2019 NFL season.