Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company’s new CEO, effective immediately.
Duffy succeeds Mark Holifield, who also steps down from the Vienna, Virginia-based company’s board, effective immediately. Holifield was named the company’s CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Holifield formally assumed the role on Nov. 8, 2021.
Tuesday’s announcement also caught employees off-guard. One top executive said that the news was unexpected and that there was no inkling of a change in the works. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company.
It is unclear what Holifield’s next move will be.
Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. “You don’t quit an executive position at Home Depot to be CEO for a little more than a year,” Martinez said.
Duffy is currently CEO of FleetPride, which is touted as the nation’s largest distributor of truck and trailer parts. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. Duffy joined LaserShip/OnTrac’s board last May. FreightWaves has requested an interview with Duffy.
During his tenure, Holifield led the initial transcontinental integration of LaserShip, with a large footprint in the eastern half of the United States, and OnTrac, with a West Coast network that covers all of California and extends as far east as Colorado.
It is today as near to having a national footprint as any company still classified as a regional delivery carrier. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers.
The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. No time frame for that has been specified.
In 2022, the company spent $100 million to build a sortation hub in Philadelphia and to expand facilities in Columbus, Ohio; Charlotte, North Carolina; and Nashville, Tennessee.
In a statement, Will Manuel, chairman of the board and head of private equity fund American Securities, said he was grateful for Holifield’s “valuable contributions” during an important juncture at the delivery company.
At FleetPride, Duffy has overseen over 25 acquisitions. Before joining, he was CEO of C&S Wholesale Grocers, the nation’s largest wholesale grocery distributor and 11th largest privately held company based on revenue. He also held various high-level supply chain roles at prominent brands like consumer giant Procter & Gamble Co. (NYSE: PG) and health care provider Cardinal Health Inc. (NYSE: CAH).
Duffy’s background at FleetPride and elsewhere “extraordinarily prepares him to succeed” in his new role, Martinez said. “Duffy looks great on paper,” he said.