New CFO For Celadon

Posted: Updated:

Indianapolis-based Celadon Group Inc. (NYSE: CGI) has appointed Thom Albrecht chief financial officer and chief strategy officer. Albrecht most recently served as president of Virginia-based transportation consulting firm Sword & Sea Transport LLC.

Albrecht succeeds Bobby Peavler as CFO. Celadon says Peavler will remain as a "resource" for the company, but did not state in what capacity he would serve.

"Thom's knowledge of our industry and the challenges and opportunities we face is extensive," said Paul Svindland, chief executive officer of Celadon. "In addition, he brings deep understanding of the operating performance that drives financial results. I am confident that Thom's expertise will be invaluable as we seek to improve our results, refinance our capital structure, shed non-core assets, and more effectively deploy capital in our core business units.  I look forward to working with him and the rest of the management team as we seek to continue to execute our strategic initiatives and begin a new chapter for Celadon."

Celadon also provided an update to the announcement earlier this month that it is refinancing its revolving credit facility. The company says it has received non-binding indications of interest from lenders, which is a requirement of its refinancing agreement. Svindland says, with the indications of interest, the company expects to refinance its existing credit facility "with a more appropriate long-term capital structure."

In the same announcement, Celadon said it has downsized its truck count by 400 this year. Last month, the company sold its flatbed trucking division and announced plans to exit its three Celadon Driving Academy locations.

  • Perspectives

    • 5 Spring Cleaning Tips For Your Social Media

      We're finally there. Spring. And that I find... exciting! So, when thinking about spring, then spring cleaning, consider your social media clean up as well. When I read this week that an average brand has over 250 digital experiences now to manage online, if you have any type of digital footprint, you may not be far behind. Here are some tips to clean out and dust off that social media stuff.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • 16 Tech estimates the first phase of development will create more than 2,600 jobs over 10 years.

      16 Tech Takes Big Steps Forward

      Indianapolis' 60-acre innovation community has announced two major boosts. The 16 Tech Community Corp. has landed a $38 million grant from Lilly Endowment Inc. to fund its initial development phase.The organization has also announced its first development agreement. The deal calls for Indianapolis-based Browning to construct three new buildings and renovate a facility as part of a $120 million investment. 16 Tech Community Corp. says the three-year grant sets the stage for...

    • Holcomb Names Workforce Council Chair

      Governor Eric Holcomb has made some leadership changes within his administration. The governor has selected Danny Lopez, who currently serves as his deputy chief of staff, as chairman of the new Governor's Workforce Council.

    • IoT Lab Opens With Eyes on Future

      The founder of the Indiana IoT Lab says the innovation and collaboration space is focused on an industry that will "future-proof" Hoosier businesses. John Wechsler says companies that are dialing into the Internet of Things are playing in a sector that is forecast to grow to $2.2 trillion. The facility Wednesday night hosted more than 700 at a grand opening event. Wechsler said some of the state's trademark industries will be "radically affected" by...

    • (photo courtesy Tow Yard Brewing Co.)

      Tow Yard Brewing Looking For Buyer

      Tow Yard Brewing Co. in Indianapolis is looking for a new owner. The company, which filed for Chapter 11 bankruptcy protection in January, plans to auction off all of its equipment at a court-ordered auction next month, unless a buyer comes forward to acquire the brewery. 

    • Toyota Supplier Planning Growth in Princeton

      Princeton-based Vuteq USA Inc. has announced plans to build a new facility in Gibson County. The Gibson County Economic Development Corp. has confirmed to Inside INdiana Business the company, which makes components for Toyota vehicles, will invest $27 million to construct a new support center and plant, which would employ 400 people by 2022. Vuteq currently has a plant located just north of Toyota Motor Manufacturing Indiana in Princeton.