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Jerry Moyes stepping down as ceo of swift

Discussion in 'Truckers News' started by drvrtech77, Sep 9, 2016.

  1. Sep 9, 2016 #1
    drvrtech77

    drvrtech77 Road Train Member

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    After beginning Swift Transportation with a single truck over 50 years ago, founder and CEO Jerry Moyes announced that he will retire at the end of the year.

    Moyes, 72, will be replaced by Swift’s current president and COO Richard Stocking, who has been with the company since 1992. Moyes and Stocking will work together as co-CEOs until December 31.

    Moyes founded Swift in 1966 with a single truck and eventually built the company into a fleet of nearly 20,000 trucks and $4 billion in annual revenue. On the announcement of his retirement, he said that he is confident in the ability of his company to move forward: “I want to thank everyone at Swift for helping me build this great company over the last 50 years. Swift is a strong company, strategically well positioned for continued growth and success.”

    Moyes and his family have faced criticism for using their shares in Swift to fund personal business ventures. In May it was reported that 75% of the Moyes shares (worth $600 million) in Swift were pledged toward personal debts and financial obligations.

    Swift’s shares rose 8.5% on the announcement of Moyes’s retirement.

    http://cdllife.com/2016/top-trucking-news/swift-ceo-jerry-moyes-stepping-down/
     
    drvrtech77, Sep 9, 2016
    drvrtech77, Sep 9, 2016
    #1
    tucker Thanks this.
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  3. Sep 9, 2016 #2
    Pintlehook

    Pintlehook Road Train Member

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    Hmmmm.....
     
    Pintlehook, Sep 9, 2016
    Pintlehook, Sep 9, 2016
    #2
  4. Sep 9, 2016 #3
    HalpinUout

    HalpinUout Road Train Member

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    What did he spend 450 million on?
     
    HalpinUout, Sep 9, 2016
    HalpinUout, Sep 9, 2016
    #3
    Pintlehook Thanks this.
  5. Sep 9, 2016 #4
    Rugerfan

    Rugerfan Road Train Member

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    They've been brainwashing Richard stocking since 1992. Nothing will change. But you can only go up when you're on the bottom
     
    Rugerfan, Sep 9, 2016
    Rugerfan, Sep 9, 2016
    #4
  7. Sep 9, 2016 #5
    Clyde07

    Clyde07 Heavy Load Member

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    He's retiring because the board of directors voted to put a camera in his car, office, and home.
     
    Clyde07, Sep 9, 2016
    Clyde07, Sep 9, 2016
    #5
    Socal Xpress, JC1971, passingthru69 and 3 others Thank this.
  8. Sep 9, 2016 #6
    tnevin225

    tnevin225 Road Train Member

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    Wow: Stock price rose 8% after the anouncement, I know nothing about the finance world but doesn't the stck price usually go down a little if someone is loosing a top notch CEO? Sound like he's been a little recluse with the company stock and is debt out his eyeballs.
     
    tnevin225, Sep 9, 2016
    tnevin225, Sep 9, 2016
    #6
  9. Sep 9, 2016 #7
    David_Simpson

    David_Simpson Medium Load Member

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    $600 Million In Swift Stock Could End Up In Hands Of Creditors

    anyone willing to bet, that if that happens, Swift may be pieced mealed out to the highest bidder? and perhaps subsequently, sold off to recoup losses?

    way to go Jerry, way to go, you made your millions, live long and prosper in hell.
     
    David_Simpson, Sep 9, 2016
    David_Simpson, Sep 9, 2016
    #7
  10. Sep 9, 2016 #8
    KriegHund

    KriegHund Medium Load Member

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    Maybe this time the feds will give Jerry a nice cozy cell. I truly believe that Jerry thinks he's untouchable. People like him are who drags this country down.
     
    KriegHund, Sep 9, 2016
    KriegHund, Sep 9, 2016
    #8
  11. Sep 9, 2016 #9
    David_Simpson

    David_Simpson Medium Load Member

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    once someone, reaches a pinnacle in life, they all believe they are untouchables.

    we need Elliot Ness to put them away.
     
    David_Simpson, Sep 9, 2016
    David_Simpson, Sep 9, 2016
    #9
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