Old Dominion Freight Line Names Kevin Freeman As New CEO

ODFL, a leading LTL carrier in the US, announced a leadership change with Kevin M. Freeman succeeding Greg C. Gantt as President and CEO. Gantt will remain on the Board of Directors, ensuring a smooth strategic transition and continued growth. This announcement coincides with ODFL's strong Q4 earnings report, demonstrating solid revenue and profit growth. These results highlight ODFL's exceptional operational capabilities and commitment to customer service. The leadership change is designed to maintain the company's momentum and build upon its established success in the competitive LTL market.

Old Dominion Freight Line, one of North America's largest less-than-truckload carriers, has announced a planned leadership transition that will see Kevin M. Freeman succeed Greg C. Gantt as President and CEO effective July 1, 2023, marking a new chapter for the transportation giant.

A Seamless Leadership Transition

The Thomasville, North Carolina-based company revealed the carefully orchestrated succession plan that will see Gantt retire on June 30 after a distinguished career, though he will remain on the Board of Directors to provide ongoing guidance. Freeman, currently Executive Vice President and Chief Operating Officer, brings over 30 years of company experience to his new role.

"This leadership change is part of our long-term succession plan, which supports our practice of developing leaders from within the organization," said outgoing CEO Greg Gantt. "We have an outstanding team at Old Dominion, and I am confident that Marty and his team will continue to execute our proven long-term strategic plan."

— Greg C. Gantt, retiring President and CEO

Gantt's Legacy of Growth and Innovation

During Gantt's tenure, Old Dominion solidified its position as a leading LTL carrier through strategic investments in infrastructure, technology, and employee development. The company consistently outperformed competitors while maintaining industry-leading service metrics.

   Key Financial Highlights (Q4 2022)
  
    Revenue Growth:
   
   5.8% increase to $1.49 billion
  
    Operating Ratio:
   
   Improved to 71.2% from 73.6%
  
    Net Income:
   
   16.2% increase to $323 million

Freeman's Vision for the Future

The incoming CEO has spent his entire career at Old Dominion, rising through operations, sales, and customer service roles. His appointment reflects the company's commitment to internal talent development and continuity of its strategic direction.

"I will work tirelessly with our team to execute our long-term strategic plan, and I am confident that we can continue to build upon the company's long track record of successful growth."

— Kevin M. Freeman, incoming President and CEO

Strategic Priorities Moving Forward

Freeman outlined several focus areas for Old Dominion's continued success:

Expanding network capacity to meet growing demand
Investing in advanced logistics technology
Developing innovative transportation solutions
Maintaining industry-leading employee training programs

Industry Context and Challenges

The leadership transition comes as the LTL sector faces several industry-wide challenges including driver shortages, rising fuel costs, and increasing e-commerce demands. Old Dominion's strong balance sheet and operational efficiency position it well to navigate these headwinds.

The Board of Directors expressed confidence in the transition, with Executive Chairman David S. Congdon noting, "Greg is directly responsible for developing our best-in-class service product where every employee is focused on providing exceptional service. We believe our continued focus on this core principle will support our ability to continue to grow."

About Old Dominion Freight Line

Old Dominion operates one of the most comprehensive LTL networks in North America with 251 service centers across the United States. The company provides regional, inter-regional and national LTL services along with supply chain solutions and international freight services through strategic alliances.