Freight News:
XPO adds former Old Dominion CFO to board
Less-than-truckload carrier XPO announced Thursday that Wes Frye, the former chief financial officer at Old Dominion Freight Line, has been appointed to its board effective immediately.
The addition of Frye expands XPO’s (NYSE: XPO) board to nine members, seven of which serve as independent directors.
Frye was at Old Dominion (NASDAQ: ODFL) for 30 years, serving as CFO for the last 18. When he joined the company as vice president of finance in 1985, the carrier was generating $90 million in revenue with a high-90% operating ratio.
With Frye heading the company’s finances from 1997 to 2015, revenue grew by more than $2.6 billion and the OR improved from 94% to 83%.
In 1991, Frye helped navigate Old Dominion through its initial public offering.
“Wes Frye’s name is synonymous with LTL operational excellence,” Brad Jacobs, XPO’s executive chairman, stated in a news release. “He brings a rare mix of industry expertise and financial acumen that will be a powerful asset to both our board and our company.”
XPO will look to Frye to help it achieve recently established long-term targets for its LTL business.
The company has forecast revenue to increase at a compound annual growth rate of 6% to 8% for a six-year period ending in 2027. At the same time, it expects to improve OR by 600 basis points through yield initiatives, service enhancements and operational efficiencies, areas where Frye can provide expertise.
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Source: freightwaves - XPO adds former Old Dominion CFO to board
Editor: Todd Maiden