Troubled Vitran appoints new CEO

Trucking and logistics conglomerate Vitran Corp. has named Rick E. Gaetz president & CEO, effective May 2, as the company tries to stem rising financial losses. Gaetz, currently president & COO of Vitran Distribution Systems, succeeds Richard D. McGraw, who has held the position since co-founding the carrier in 1983. McGraw will become non-executive chairman, replacing Anthony F. Griffiths, also a

Trucking and logistics conglomerate Vitran Corp. has named Rick E. Gaetz president & CEO, effective May 2, as the company tries to stem rising financial losses.

Gaetz, currently president & COO of Vitran Distribution Systems, succeeds Richard D. McGraw, who has held the position since co-founding the carrier in 1983. McGraw will become non-executive chairman, replacing Anthony F. Griffiths, also a co-founder of the carrier, who will remain on Vitran's board of directors.

Toronto-based Vitran reported net income of $3.7 million in 2001, but also more than $5.6 million worth of charges related to the sale and discontinuation of its environmental services division.

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