Celadon CEO ousted, replaced by turnaround specialist

Discussion in 'Celadon' started by double yellow, Jul 14, 2017.

  1. double yellow

    double yellow Road Train Member

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    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.
     
  2. Bean Jr.

    Bean Jr. Road Train Member

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    Is it too little, too late?
     
  3. Bwbibb

    Bwbibb Light Load Member

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    Goid to see they are cleaning the garbage out. Not too late, but I'd think a downsizing and dedication to their core customers and business will help. Kill off or sale quality leasing would be a great idea.
     
  4. double yellow

    double yellow Road Train Member

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    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...
     
    Last edited: Jul 14, 2017
    morpheus, bamamac and Bwbibb Thank this.
  5. Classified 007

    Classified 007 Bobtail Member

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