Pacer's Chairman and CEO to Retire After Successor Named
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Manufacturing News, Source : The Manufacturer US
Published : 26 Oct 2006 22:59
CONCORD, Calif.--(BUSINESS WIRE)--Oct. 26, 2006--Pacer International CEO Donald C. Orris will retire within the year, once the logistics and transportation provider appoints a successor.
Pacer also announced that Mr. Orris intends to establish a pre-arranged trading plan to sell up to 660,000 shares of Pacer common stock, as part of his individual long-term strategy for asset diversification and estate planning purposes.
"After founding Pacer in March 1997 with the acquisition of a small intermodal marketing and trucking company, Don has worked tirelessly over the last ten years to build Pacer into a leading North American third-party logistics and freight transportation provider,"said the company's vice chairman, Michael E. Uremovich.
"Pacer's strength is our people, from our product line presidents and managers to our line employees in operations and customer service, and everyone in between," said Mr. Orris. "But after 44 years in the freight transportation industry, including 10 years as chairman and CEO of Pacer, it is time for me to step down from this company, which has become a leader in logistics and intermodal transportation and has a promising future. It is time to spend more quality time with my wife and family, including my four grandchildren, and to plan for their futures." Mr. Orris is 65 years old.
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