It hasn’t even been a full year, but Kevin “Marty” Freeman’s time as president and CEO of Old Dominion Freight Line has been eventful.
The former COO, promoted to the top job upon Greg Gantt’s retirement last summer, took over in the midst of a prolonged downturn in freight demand and a tough macroeconomic backdrop. Then, Yellow Corp.’s bankruptcy prompted a major shakeup of capacity in the LTL market.
Old Dominion’s secret to building and maintaining deep, service-based customer relationships that outlast volatile times is its people, Freeman told Trucking Dive in an email.
“While I’m proud of how our team has handled these challenges throughout my initial CEO tenure, I’m prouder of how they have continued to win as an OD team, most notably for being named the #1 National LTL Carrier for Quality by Mastio for the 14th year in a row,” Freeman wrote.
In a difficult economy, Old Dominion has spent significantly to retain its workforce and executive leadership alongside other investments to position the company for a rebound in demand. The carrier has trimmed its headcount through attrition since it peaked in 2022.
The carrier paid $5.5 million in annual safety bonuses of up to $3,000 per driver last year, according to a securities filing. Over 22% of the carrier’s more than 11,000 drivers had celebrated a million miles or more of safe driving.
Freeman’s base salary rose to $956,800 upon his promotion to president and CEO, and his 2024 salary is $985,500, according to another filing. Freeman made nearly $9.5 million in total in 2023, including stock awards, incentives and benefits, that filing said.
Old Dominion bid on Yellow’s real estate last year, to no avail. After initially offering $1.5 billion for Yellow’s terminal network, the Thomasville, North Carolina-based carrier pulled out of the bankruptcy auction, citing the soaring bids on the most coveted locations.
Old Dominion nevertheless opened the 259th service center in its network last month in Pennsylvania.
The company plans to continue investing in its employees, as well as in service centers, equipment and technology this year, Freeman told Trucking Dive.
“In 2024, we’ve planned to spend $750 million in capital expenditures in real estate, tractors and trailers, and technology,” he wrote. “This follows 2023, when we spent $757 million in capital expenditures.”
Freeman had been COO since 2018, and he has worked at Old Dominion since the 1990s.
He believes Old Dominion’s more than 23,000 employees are “the best in the game.” They give him confidence each day as he approaches his sophomore year as CEO of one of the country’s predominant carriers.
“They are our company’s greatest asset and make us an industry leader,” he wrote. “Their hard work and dedication continue to make me confident that we provide exceptional customer service daily.”
