ODFL announces executive leadership change
A change is coming at the top for Thomasville, N.C.-based national less-than-truckload carrier Old Dominion Freight Line.
The company announced this week that, effective July 1, 2023, Kevin M. (“Marty”) Freeman will succeed Greg C. Gantt as ODFL President and Chief Executive Officer, as per its Board of Directors. It added that Gantt will retire from ODFL on June 30, 2023, with the expectation he will remain a company board member.
Freeman currently is the company’s Executive Vice President and Chief Operating Officer, roles he has held going back to May 2018. He joined the company in May 2018 and has held “ever-increasing roles and responsibilities over the past 30 years,” the company said.
“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,” said Gantt in a statement. “Marty and I have worked closely together for most of my career, and he is an exceptional leader and champion of Old Dominion. This change in leadership was part of our long-term succession plan, which has supported our ability to develop leaders from within our organization and prepare them to lead the Company into the future. We have an outstanding team at Old Dominion, and I am confident that Marty and his team will continue to execute on our proven long-term strategic plan and take the Company to new heights. I look forward to watching Old Dominion continue to lead the LTL industry.”
David S. Congdon, the Company’s Executive Chairman of the Board, cited Gantt’s leadership and numerous contributions and accomplishments at Old Dominion.
“Greg has been a visionary leader and a steward of the Company’s unique culture,” he said. “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. 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. I am excited about Greg’s opportunity to continue to serve on our Board of Directors and look forward to his continued contributions to Old Dominion’s success.”
And Freeman noted that ODFL has an outstanding team, and he is energized to work alongside them to chart our path forward for the benefit of its employees, customers, and shareholders.
“I will work tirelessly with our team to execute our long-term strategic plan, and I am confident that we can continue to build on the Company’s long-term record of successful growth,” he said.
In its fourth quarter earnings announcement made today, ODFL reported a 5.8% revenue increase, to $1.49 billion, with LTL services revenue up 6.0%, to $1.47 billion. Its quarterly operating ratio came in at 71.2%, an improvement from 73.6%, for the fourth quarter of 2022. Quarterly net income headed up 16.2%, to $323 million.
