Celadon CEO ousted, replaced by turnaround specialist

Celadon Group, Inc. (NYSE: CGI) today announced the appointment of Paul C. Svindland as Chief Executive Officer ("CEO"), effective on or about July 24. Mr. Svindland, who was unanimously appointed by the Company's Board of Directors (the "Board"), succeeds Paul Will, who will retire as CEO and Chairman of the Board ("Chairman"). Mr. Svindland will also serve as a member of the Board. Mr. Will will serve as a consultant to the Company through July 2018.

Celadon Group (CGI) Says Paul C. Svindland to Succeed Paul Will as CEO

Paul Svindland, who holds an MBA from Wharton, has had previous success turning around distressed trucking companies and then selling them:

2014-2016 CEO of EZE Trucking, which merged with a private equity firm in 2016
2012-2014 VP & COO of Pacer International, which XPO bought in 2014

Before that he worked for a number of logistics companies.

 

I bet they survive. The management that ran the place into the ground is gone, they've got plenty of financing in place for the short term, and the industry has tailwinds which should ensure they have access to financing when the current terms expire.

If the stock was still trading at $2.50 I'd be buying all I could... I almost pulled the trigger this week, but I got scared when I noticed Blackrock sold most of its stake Monday. So much for inside information...