Trucking giant Ryder will get a new CEO in two weeks, as the Miami-Dade company announces the retirement of Gregory Swienton and the promotion of current COO Robert Sanchez to the top job.
Ryder, which leases commercial trucks and manages supply operations for companies around the world, saw revenues and profits increase this year, but has also been cutting costs and selling part of its fleet to combat slowing sales. Swienton, 63, joined Ryder as president in 1999 and was promoted to CEO a year later. Sanchez, 47, will become the company’s fifth CEO since its founding in 1933 by a Miami Beach construction worker named Jim Ryder.
Sanchez becomes CEO on January 1, and Swienton will retain the title of chairman of the board until Ryder’s annual meeting in May, when that title will pass to Sanchez, too, the company said in a press release issued Monday morning.
A 19-year veteran at Ryder, Sanchez has served as head of the company’s largest division, global fleet management solutions, and as chief financial officer.
E. Follin Smith, an independent director on the board, said in a statement in the company press release: “We sincerely thank Greg Swienton for leading Ryder to an improved sustainable business model, significantly enhanced financial performance, and an organization-wide commitment to business integrity.”
Ryder stock dropped 1.5 percent Monday, to $48.81 a share.
Ryder CEO Greg Swienton retiring, COO getting promoted
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Ryder CEO Greg Swienton retiring, COO getting promoted
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Ryder CEO Greg Swienton retiring, COO getting promoted
