On Wednesday, November 3, 2010, Celadon Group, Inc., a Delaware corporation (the "Company"), issued a press release announcing certain changes to its executive team. The changes are effective immediately. A copy of the press release is attached to this report as Exhibit 99.1.
Paul Will has been appointed Vice Chairman, President, and Chief Operating Officer and continues to serve as Assistant Secretary. Mr. Will, 44, has served as a director and Vice Chairman of the Board of Directors since August 2007. He was Executive Vice President, CFO, Assistant Secretary, and Treasurer from April 2004 to November 2010.
Chris Hines has been appointed Executive Vice President of Sales and Marketing. Mr. Hines, 50, previously had served as President and Chief Operating Officer since July 2007. Mr. Hines served on the Company's Board of Directors from July 1, 2006, to July 25, 2007. Prior to his appointment to President and Chief Operating Officer of the Company, beginning in June 2006, Mr. Hines served as the President and Chief Operating Officer of Tripmaster Corp., an onboard computer and asset management company primarily serving the trucking industry. From 2004 to 2006, Mr. Hines was the President and Chief Executive Officer of Atipical Holdings, Inc., a business focused on asset management, equipment finance, and backroom productivity solutions.
Jonathan Russell has been appointed President of the Company’s asset-light business units, which include TruckersB2B, Inc. (a wholly owned subsidiary of the Company), Celadon Dedicated Services, and the Company’s truckload brokerage and cross-border LTL business between the United States and Mexico. Mr. Russell, 39, has been our Executive Vice President Logistics and President of TruckersB2B since August 2006. He was President of TruckersB2B from May 2003 to July 2006.
Jonathan Russell is the son of our Chairman and Chief Executive Officer Stephen Russell.
Bart Middleton has been appointed Vice President and Principal Accounting Officer. Mr. Middleton, 40, graduated from Indiana University in 1993 with a bachelor's degree in business. Prior to joining Celadon, Mr. Middleton worked as an auditor for Deloitte & Touche. Mr. Middleton joined the Company in 1995 as Assistant Controller with Celadon Trucking Services, Inc. Mr. Middleton served Celadon Trucking Services, Inc. as Controller from May 1999 to July 2004 and as Vice President Corporate Controller from July 2004 to August 2007. Mr. Middleton has served as Vice President Corporate Controller for Celadon Group, Inc. since August 2007. Mr. Middleton is a CPA.
Eric Meek has been appointed Vice President, Treasurer, and Principal Financial Officer. Mr. Meek, 30, graduated from Franklin College in May 2002 with a bachelor's degree in accounting. Prior to joining Celadon, Mr. Meek worked as an auditor for Ernst & Young. Mr. Meek joined the Company in March 2004 as a Financial Analyst with Celadon Trucking Services, Inc. Mr. Meek served Celadon Trucking Services, Inc. as Director of Finance from March 2006 to December 2008. Mr. Meek served Celadon Trucking Services, Inc. as Vice President of Finance and Treasurer since December 2008.
Compensatory Arrangements of Certain Executive Officers
Salary Changes
In connection with the title changes above, Mr. Will's base salary was increased to $350,000 annually from $300,000 annually, and Mr. Jonathan Russell's base salary was increased to $275,000 annually from $225,000 annually.