Less-than-truckload carrier Central Freight Lines has reshuffled some executives, naming Jerry Moyes as interim president and chief executive officer.
Moyes, who founded Swift Transportation, owns CFL, the 95-year-old LTL company headquartered in Waco, Texas.
Former CFL executive Steve Vondra, who left the carrier in May, will return as chief operating officer, replacing Michael Brennan, former CFL president.
In a statement, Moyes said he will focus on “optimizing current LTL services while expanding product offerings to deliver more for CFL customers.”
“I’m excited to be behind the wheel of this company and look forward to taking advantage of the opportunities we have before us,” Moyes said.
Central Freight Lines was one of four trucking-related companies that received the maximum award of $10 million through the U.S. Small Business Administration’s Paycheck Protection Program (PPP).
Forgivable loans through the PPP started out with $350 billion in the CARES Act, signed into law by President Donald Trump in late March and replenished in April with an additional $320 billion.
Brennan, CFL’s former president, was forced to slash employee compensation in early April because of a significant revenue drop because of the COVID-19 pandemic.
“He [Brennan] stepped up and guided the company through a challenging period,” Moyes said in the release.
CFL has 1,651 power units and 1,175 drivers, according to the Federal Motor Carrier Safety Administration SAFER website.
This is a developing story.
Read more articles by FreightWaves Senior Editor Clarissa Hawes.
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MrbigR504
Damn “Company Man”, he’s just doing the mathematics on the situation bruh! WTH, just because you’re happy being bent over grabbing your ankles with no vaseline!
Thomas Dickey
U recieved the loan but first cut our hours, then finally gave us a raise from $22.50 to $26 still below competition, then took that away & cut it 10% to $23.40, trash. – Central Driver
Another driver
If you’re so miserable there. Quit and go drive somewhere else. No one is holding you hostage to put up with it.
Ricardo
I agree with the comments about the hard earned money this company took what a waste smh
Just a clerk
It’s about time they got rid of Brennan. Now, they need to clean house and get rid of the rest of the weak links that have been holding the company down.
Brandy Jones
This is NOT a small business and should have never qualified for this loan!!! I hope the IRS investigates this! Our hard earned tax dollars should have never went to help this large company!! WTH!? What an abuse of our tax dollars!