Just a few weeks after announcing the sale of U.S. Xpress to Knight-Swift, the outgoing CEO at USX has a new gig.
Eric Fuller will become executive in residence at The Company Lab, which like U.S. Xpress (NYSE: USX) is based in Chattanooga, Tennessee.
The move will keep Fuller in the transportation space. Co.Lab, as it is also known, is focused on “sustainable mobility” and “entrepreneurship.”
On its webpage, Co.Lab describes itself as a nonprofit that “accelerates early-stage startups in the greater Chattanooga region and beyond.”
In a statement released by Co.Lab, Fuller called the move “a huge honor, especially with the new direction the company is heading in with sustainable mobility.”
“Co.Lab’s commitment to fostering innovation and supporting entrepreneurs aligns closely with my own values,” he said. “I look forward to collaborating with the talented team at Co.Lab and helping entrepreneurs transform their ideas into successful ventures that positively impact our community and beyond.”
Co.Lab’s statement said Fuller would focus on “recruiting and developing entrepreneurs on a national scale, providing mentorship, creating connections in the freight and logistics industry, and offering strategic guidance.”
There was no indication when Fuller’s last day at U.S. Xpress would be. A closing date for the sale of the truckload carrier, which is being acquired for just over $800 million, has not yet been disclosed. However, Knight-Swift, in its 10-Q filing for the first quarter, said closing is expected early in the third quarter.
Under the terms of the merger, U.S. Xpress is to be a wholly owned subsidiary of Knight-Swift (NYSE: KNX). There was not going to be a role for Fuller at Knight-Swift; the terms of the agreement in the 8-K filed by Knight-Swift when the acquisition was announced said all key executives at U.S. Xpress would be resigning.
A spokeswoman for U.S. Xpress said the company “will continue to be led by its current senior management.” When the acquisition closes, Eric Fuller, his father, Max, who is U.S. Xpress’ chairman, and CFO Eric Peterson “will transition out of their executive officer roles while remaining available to ensure a smooth transition.”
As previously announced, current Swift executives Tim Harrington and Josh Smith will join U.S. Xpress as president and CFO, respectively, the spokeswoman said.
Disclosure: FreightWaves founder and CEO Craig Fuller retains ownership of U.S. Xpress shares through his family trust.
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