Dive Brief:

• Old Dominion Freight Line President and CEO Greg Gantt will retire from his role at the end of June, the LTL carrier announced Tuesday. 
• Kevin “Marty” Freeman, Old Dominion’s executive vice president and COO since May 2018, will succeed him in the roles of president and CEO beginning July 1.
• Gantt is expected to remain a member of the company’s board of directors. Old Dominion announced his retirement in advance of an earnings call on Wednesday.

Dive Insight:

At a time of rising appetites for new leadership in trucking, Old Dominion’s announcement cast its transition as part of a long-term succession plan. The LTL carrier has a larger footprint and workforce than it did when Gantt took over, although declining demand in recent months has prompted it to hit the brakes on hiring.

Gantt and Freeman are longtime colleagues, working together at Old Dominion since the 1990s and reaching the C-suite at the same time. Gantt took over as CEO in May 2018, the same month as Freeman’s elevation to COO.

In a statement, the outgoing CEO praised Freeman as an “exceptional leader and champion of Old Dominion.”

“This change in leadership was part of our long-term succession plan, which has supported our ability to develop leaders from within our organization and prepare them to lead the Company into the future,” Gantt said. “We have an outstanding team at Old Dominion, and I am confident that Marty and his team will continue to execute on our proven long-term strategic plan and take the Company to new heights.”

Prior to his elevation to the C-suite, Freeman, 63, served as vice president of field sales for two decades before becoming senior vice president of sales in January 2011, according to a securities filing Tuesday.

Executive board chairman David S. Congdon credited Gantt for developing the carrier’s “best-in-class service offering, where every employee is focused on providing our customers with superior service at a fair price.”

“This value proposition has supported our ability to win market share for many years, and we believe our continued focus on this core principle will support our ongoing ability to grow,” Congdon said in a statement.

Freeman plans to execute Old Dominion’s long-term strategic plan and is confident of the company’s ability to continue its growth, he said in a statement.

“We have an outstanding team at Old Dominion, and I am energized to work alongside them to chart our path forward for the benefit of our employees, customers, and shareholders,” Freeman said.