Celadon Shuffles Leadership Amid Financial Review
Indianapolis-based Celadon Group Inc. (NYSE: CGI) has named a new president and chief operating officer. Jonathan Russell has served as the president of Celadon Logistics Inc. since 2010 and will take on the positions vacated by Erik Meek. The announcement from the trucking company coincides with news that it has brought on independent legal and accounting experts to review six quarters worth of previous earnings reports.
Celadon says it expects preliminary financial results for the quarter that ended March 31 to include a $10 million operating loss the company attributes to its irregular route freight operations.
Russell says "I believe we have substantial opportunity to improve the profitability of our operations by ensuring that a greater percentage of our fleet is actively producing at a higher daily level. Together with Doug Schmidt, who has been instrumental in operating one of our more profitable business units, and the rest of our team, we expect to build on our great customer relationships and high quality driver corps to deliver improved customer service and financial results. While early in the process, we are energized by the potential impact of our plan."
Schmidt is now president of the Celadon Trucking subsidiary. He previously served as president and COO of A&S Kinard, which Celadon acquired in 2014.
You can connect to more about the company's news by clicking here. The company has scheduled a conference call for investors for 9 a.m. Wednesday.