Ryder System has increased its board from 11 to 12 members, appointing Charles "Chuck" Swoboda to the new post.
The company notified shareholders of the move on Monday in a news release and securities filing.
In the announcement, Chairman and CEO Robert Sanchez noted Swoboda’s “financial acumen, business management, and experience in serving on both private and publicly traded boards” as well as the retired executive’s “proven track record of bringing innovative and relevant technologies to market.”
Swoboda brings 16 years of experience as former CEO of Cree, a silicon carbide technology and production company, according to the news release. He will now serve on the board’s audit and governance committees.
Ryder’s bylaws state the company should have 13 seats on its board of directors, though the number can fluctuate between three and 21 members.
Directors have authority over the company and its affairs, with non-employee directors receiving $100,000 retainers for being on the board.
Ten non-employee directors individually received anywhere from $290,338 to $366,261 in compensation in 2021 for their roles.
