Flatbed truckload provider Daseke Inc. announced Friday that it accepted the resignation of CFO Jason Bates effective last Monday. A news release said Bates was leaving the Dallas-Fort Worth area where the company is based due to “familial obligations.” It also said the resignation is not tied to any dispute with the company or matters related to its financial reporting.
Bates joined Daseke (NASDAQ: DSKE) in April 2020 after holding the same position at USA Truck Inc. (NASDAQ: USAK) for three years. Prior to that, Bates spent 14 years in finance and investor relations at Swift Transportation up until its merger with Knight Transportation.
When Bates arrived at Daseke the company was in the middle of a major restructuring aimed at improving operating results. The initiatives included a reduction in fleet size to improve asset utilization and consolidating some of its separately run fleets under better performing operators. The efforts led to 750 basis points of adjusted operating ratio improvement from full-year 2019 to the 2022 second quarter, when it posted a sub-90% mark.
In a separate news release Friday, Daseke said Aaron Coley will be the CFO effective Oct. 28. Coley has more than a decade of experience as a chief financial officer, most recently heading the finances of petroleum products provider Pilot Thomas Logistics, which has a fleet of 3,000 trucks.
“I am extremely pleased to have Aaron join the Daseke team as we look to leverage our differentiated assets and execute our business strategy to unlock our next phase of growth and shareholder value creation,” CEO Jonathan Shepko stated. “Aaron’s extensive industry experience and track record of executive success as a CFO will drive great value for both the company and our leadership team.”
Daseke also reiterated 2022 guidance, which calls for year-over-year (y/y) revenue growth of 12% to 15% and a 5% to 10% y/y increase in adjusted earnings before interest, taxes, depreciation and amortization.
“I am thrilled to join the Daseke leadership team and serve the company and its shareholders as CFO,” Coley added. “Daseke holds a unique competitive position and an attractive, differentiated portfolio within the trucking space, giving the organization a distinct opportunity to drive significant value as well as sustainable earnings growth.”
More FreightWaves articles by Todd Maiden
Local and short-haul loads volumes rise
The FREIGHTWAVES TOP 500 For-Hire Carriers list includes Daseke (No. 21) and USA Truck (No. 51).