Covenant Transportation Group, Inc. announced several executive team changes:
• John A. Tweed has been named Co-President and Chief Operating Officer, with responsibility for enterprise-wide operations, sales, and safety functions, as well as the expansion of our contract logistics business and improvements in our operating efficiency.
• Joey B.
Hogan has been named Co-President and Chief Administrative Officer, with responsibility for all enterprise-wide administrative functions, including strategic planning, finance, human resources, and information technology, as well as equipment and maintenance. Messrs. Bunn and Cribbs will continue to report to Mr. Hogan.
• M. Paul Bunn has been named Executive Vice President and Chief Financial Officer, with responsibility for all enterprise-wide efficiency, financial, and accounting functions.
• Richard B. Cribbs has been named Senior Vice President of Strategy & Investor Relations, Treasurer, with responsibility for our capital structure, strategy, risk management, and investor relation functions.
Chairman and Chief Executive Officer David R. Parker, commented: “We are blessed with a deep and talented management team that is highly committed to our strategic vision. The appointments announced today will accelerate our progress by aligning our team’s talents with our most imperative goals. I am proud of the way the entire executive team pulled together to redesign our organizational structure with the good of the entire enterprise in mind.” Mr. Parker continued: “Our strategic vision is to strengthen our position in the U.S. logistics industry, de-risk our leverage profile, and concentrate our business model on more sustainable, higher margin services and sectors where we can add considerable value to our partner-customers. To accomplish this vision, we are accelerating the migration of our services toward contract logistics (long-term dedicated contract truckload, warehousing, transportation management, and brokerage) and expedited truckload services, reducing the percentage of revenue and capital allocated to the other portions of our business, and lowering overhead costs. We are using a framework of sustained earnings, de-leveraging, and return on capital targets to guide our decisions. With recent dedicated truckload and warehouse services contract wins, the closure of the Texarkana facility and an upcoming disposition of a currently unoccupied facility, and the downsizing of our fleet capital expenditure plans, we are off to a fast start. The combination of Joey Hogan’s historical knowledge of Covenant and John Tweed’s performance-oriented management approach was instrumental in driving these actions and validated the basis for the changes. “Our realigned executive structure will capitalize on the strengths of each member and magnify the effectiveness of the entire team. John Tweed’s expertise in contract logistics is fundamental to Covenant’s future as we continue to become more deeply embedded in our customers’ supply chains and seek organizational efficiency. We have benefitted from John’s presence over the past two years as the Landair operations have been a stable and highly profitable performer. Importantly, Joey Hogan’s financial acumen and strategic thinking will be concentrated on improving all administrative functions, including organizational development, our technology future, financial and strategic planning, and furthering our culture. Paul Bunn’s ability to integrate financial and business planning is a strong complement to John’s skill set and managing through a changing business mix. And Richard Cribbs will continue to deliver a strong capital markets, risk management, and strategic presence as we de-leverage our balance sheet and improve our return on capital. I’m confident we have the team to drive Covenant forward and look forward to reporting the progress on our plan as we take this opportunity to strengthen and re-energize the enterprise during the current economic environment and return to normal operations with a brighter future.”
Mr. Tweed, 54, joined the Company in July 2018 following the acquisition of Landair Holdings Inc. and previously was the EVP and COO of Landair. Prior to the company’s acquisition of Landair, Mr. Tweed served as the CEO of Landair since 2000. Prior to becoming CEO of Landair, Mr. Tweed held various positions at Landair, including vice president of sales and special-projects manager. Mr. Tweed is an active committee and board member for several industry associations and community organizations.
Mr. Hogan served as President and Chief Operating Officer from February 2016 to April 2020. From May 2007 to February 2016 he was Senior Executive Vice President and COO, as well as President of CTI. Mr. Hogan was CFO from 1997 to May 2007, Executive Vice President from May 2003 to May 2007, and a Senior Vice President from December 2001 to May 2003. From joining the firm in August 1997 through December 2001, Mr. Hogan served as Treasurer. Mr. Hogan served as a director and on the Audit Committee of Chattem, Inc., a consumer products company, from April 2009 through March 2010, and currently serves as an officer of the Truckload Carriers Association.
Mr. Bunn, 42, previously served as Executive Vice President since April 2019, Chief Accounting Officer and Treasurer since January 2012, and Senior Vice President since 2017. Previously, Mr. Bunn served as Corporate Controller from July 2009 to January 2012. Prior to that, Mr. Bunn served as an Audit Senior Manager for Ernst & Young, LLP, a global professional services provider.
Mr. Cribbs, 48, previously served as Executive Vice President and CFO since February 2016. From May 2008 to February 2016 Mr. Cribbs served asr Senior Vice President and CFO. Mr. Cribbs served as Vice President and Chief Accounting Officer from May 2007 to May 2008 and Corporate Controller from May 2006 to May 2007. Prior to joining the company, Mr. Cribbs was the Corporate Controller, Assistant Secretary, and Assistant Treasurer for Tandus, Inc., a commercial flooring company, from May 2005 to May 2006. Mr. Cribbs also previously served as CFO of Modern Industries, Inc., a tier two automotive supply company, from December 1999 to May 2005.