The board of directors for Indianapolis-based Celadon Group Inc. (NYSE: CGI) has unanimously approved the appointment of Paul Svindland as the company’s next chief executive officer. Svindland, who currently serves as chairman and CEO of Houston-based Farren International Holdings, will succeed Paul Will.
Will is retiring as chairman and CEO and will continue as a consultant to the company through July 2018. Michael Miller will replace Will as chairman of the board. Svindland will also become a member of the Celadon board.
Miller says Svindland’s experience in helping to lead operational and financial improvements at transportation companies makes him an "excellent addition" to Celadon.
"We believe his experience, energy, and perspective will help guide Celadon toward achieving our strategic initiatives and enhancing stockholder value," said Miller. "Given his background and the insight he has already offered, we fully expect Mr. Svindland to hit the ground running. As the newly appointed independent Chairman, I also look forward to working with Mr. Svindland and the rest of the Board in setting the forward agenda for the Company."
Svindland has served as CEO of Farren since its merger with EZE Trucking Holdings Inc. in July 2016. He also served as CEO of EZE Trucking from April 2014 until the merger took place.
In a news release, Will said he believes Svindland is the right person to succeed him. "I have thoroughly enjoyed my career at Celadon, and it has been an honor to work alongside and serve our employees, professional drivers, and stockholders. For this reason, I felt it was important for me to work with my fellow Board members to allow an effective transition of duties and the appointment of the right leader to take Celadon into its next chapter."
Celadon has been facing financial issues as of late. In May, the company announced it was in danger of being delisted form the New York Stock Exchange, due to an independent auditor’s withdrawal of six quarters worth of earnings reports. That same month, the company named Jonathan Russell president and chief operating officer, an announcement which coincided with the news of the independent auditor’s review.