C.H. Robinson Worldwide has hired GE finance executive Damon Lee to replace its retiring CFO, the company announced Thursday.
Lee, presently VP and CFO of GE Commercial Engines and Services, a division of GE Aerospace, will start with the brokerage July 8.
C.H. Robinson CEO Dave Bozeman said Lee’s experience and forward-thinking mindset fit in with the broker’s priorities. He said Lee built and led high-performing teams, fostered collaboration, and developed personal connections that allowed him to accelerate change.
The company began searching for a new CFO in January after CFO Mike Zechmeister announced his intent to retire by the end of May. Zechmeister will assist the company with its Q2 earnings regulatory filing before stepping down in early July, the brokerage said.
Lee’s appointment follows the promotion of Michael Castagnetto to president of the brokerage’s North American Surface Transportation segment in late January. The company in March announced the retirement of board member Scott Anderson, who served as interim CEO between January and June 2023 following the ouster of CEO Bob Biesterfeld.
C.H. Robinson has focused on streamlining operations and seeking efficiencies by investing in technology, while shrinking its workforce amid a soft freight environment.
Bozeman said Lee is an accomplished finance leader who has a core strength of creating and executing strategies. His experience with continuous improvement processes will help the company further streamline its operations, he said.
Lee will receive a base salary of $700,000 and be eligible for annual bonuses worth one-to-two times that salary, according to a regulatory filing. His compensation also includes $1.8 million worth of equity as well as a one-time signing bonus of $1.4 million.
Lee has been with GE Aerospace since May 2021 and has been in his current role since August 2022, according to his LinkedIn profile. Before joining GE he held executive positions with Aptiv, Precision Castparts, and Eaton.
