Transportation and logistics provider Werner Enterprises’ (NASDAQ: WERN) announced in an after market close press release on June 2 that founder and executive chairman of the board Clarence L “CL” Werner stepped down from the executive chair seat on May 31.
Werner will remain as chairman through his current term, which expires in May 2021. At that time, the company expects he will become Chairman Emeritus.
Current CEO and President Derek Leathers has been appointed to the board as a member and vice chairman. Werner recommended to the board that Leathers be named chairman when his term ends next year.
The company also announced that nearly 13 million shares of Werner’s common stock held in a revocable trust was registered for sale in a public offering.
The company is not selling any shares in the offering and will not receive proceeds from the sale of Werner’s shares.
Werner founded the company in 1956 at the age of 19 with a single truck. Today the carrier has more than 7,800 tractors in service, generating nearly $2.5 billion in revenue during 2019.
Leathers joined the company in 1999 and was tapped to lead the carrier in 2016.
The press release said that Morgan Stanley is acting as the sole underwriter in the transaction.
Click for more FreightWaves articles by Todd Maiden.
