Old Dominion Freight Line announced Tuesday that Kevin “Marty” Freeman will succeed Greg Gantt as president and CEO effective July 1.
Freeman has been with the less-than-truckload carrier for 31 years, currently serving as executive vice president and chief operating officer since 2018. Gantt will retire from Old Dominion (NASDAQ: ODFL) on June 30 but remain a member of its board.
“Greg has been a visionary leader and a steward of the company’s unique culture,” David Congdon, Old Dominion’s executive chairman, stated in a news release. “He was also directly responsible for developing our best-in-class service offering, where every employee is focused on providing our customers with superior service at a fair price.”
Gantt has been at the helm since 2018, heading operations for the company prior to that. Since 2018, under Gantt and Freeman, Old Dominion has added more than $2 billion to the top line and shaved nearly 10 percentage points of its operating ratio. According to analyst estimates, the carrier is forecast to have generated $6.3 billion in revenue during 2022 with an OR just north of 70%.
Old Dominion will report fourth-quarter results Wednesday before the market opens.
“This value proposition has supported our ability to win market share for many years, and we believe our continued focus on this core principle will support our ongoing ability to grow,” Congdon said of Gantt’s service to the company.
The announcement was part of the company’s long-term succession plan.
“It has been a privilege to serve Old Dominion as president and chief executive officer, and I am pleased that the board has elected Marty to succeed me upon my retirement,” Gantt said. “Marty and I have worked closely together for most of my career, and he is an exceptional leader and champion of Old Dominion.”
Gantt joined Old Dominion in 1994.
“I thank Greg for his outstanding leadership, as well as David and the rest of the board for their confidence, guidance and support,” Freeman said. “We have an outstanding team at Old Dominion, and I am energized to work alongside them to chart our path forward for the benefit of our employees, customers and shareholders.”
Stay tuned to FreightWaves for earnings coverage of Old Dominion and other LTL carriers.
More FreightWaves articles by Todd Maiden
Dry van rejection rates increase slightly