Pacer International president Shurstad steps down
Less than one week after reporting a more than 25 percent drop in third quarter profits, Concord-based 3PL and transportation firm Pacer International Inc. said Wednesday the firm's president, Tom Shurstad, is leaving the company to 'pursue other interests.'
Don Orris, retired chief executive officer and current director of Pacer International, will assume the role of president of Pacer's Intermodal Segment. Orris will report directly to Mike Uremovich, the company's chairman and chief executive officer.
Shurstad assumed the president's chair in June 2006, replacing Orris.
Prior to joining Pacer, Shurstad was CEO of the Chicago-based Belt Railway, the largest intermediate switching terminal railroad in the United States. Previously, he served as vice president and general manager of Southern Pacific Lines, prior to its merger with Union Pacific, and served as director of intermodal services for the Port of Seattle.
This is the second major executive shift for Pacer in the past four months. In August, the firm shuffled six top executive positions, including its chief information officer, the chief commercial officer of its intermodal segment, a group president, and three vice presidents.
Last Wednesday, the firm reported $13.4 million in profits for the third quarter versus $18.3 million the same period the prior year, a drop of 27 percent. In August the firm's second quarter numbers reported a 13.8 percent drop in profits to $12.5 million, compared to $14.5 million during the second quarter of 2006. The firm's first quarter profits also dove, falling 44 percent over the first quarter of 2006. In May the firm reported that first quarter profits declined 43.9 percent to $7.8 million, down from $13.9 million in the year-ago period.
