The former owner and CEO of Lipsey Logistics and Lipsey Trucking has been arrested and charged with multiple alcohol and drug-related offenses. A press release issued by the companies claims that he has “relinquished his management roles and ownership shares” at both companies.
Joseph Lipsey III, his wife Shira, and their 19-year-old son, were all arrested at their Aspen Colorado home and charged with multiple crimes. Lipsey’s charges include felony possession of a controlled substance, felony unlawful distribution of a controlled substance, and felony contributing to the delinquency of a minor.
According to the press release put out by Lipsey Logistics and Lipsey Trucking, the charges “relate to personal matters and have nothing to do with our business.” Despite that, Lipsey has reportedly resigned his role as CEO of both companies. He has been replaced by the current President and COO of Lipsey Logistics, Johnny Jones. Jones also received all of Lipsey’s voting shares.
The companies further distanced themselves from Lipsey by saying that he “has never been involved in [the] day-to-day operations” of the company and that he was “principally an investor.”
“Regardless, we would like to assure the public that his exit from the business is immediate and permanent,” reads the company’s press release. “And that he will have no ownership of or control over the companies going forward.”
According to Transport Topics, the companies employ a combined total of about 200 people and bring in annual revenue of over $300 million.
Later this year, John White, former president of U.S. Xpress will step in as President of Lipsey Logistics.
You can read the full press release here.