Tom Glaser, president & COO of Indianapolis-based truckload carrier Celadon Group, plans to retire this year. He will be succeeded by Chris Hines, a member of Celadon’s board and past president of the former Transport International Pool (TIP), GE’s trailer equipment leasing business, and software firm Tripmaster. Glaser joined Celadon in 2001 and was named president & COO in 2004.
The changing of the guard comes on the heels of strong results for Celadon. For fiscal 2007, the carrier’s net income increased 9% to $22.3 million on 5% higher revenues of $502.7 million compared to fiscal 2006.
For its fourth fiscal quarter, Celadon said revenue increased approximately 4% to $131.7 million, with freight revenue, (excluding fuel surcharges) up 5% to $112.7 million, while net income declined about 20% to $5.1 million compared to its results in the fourth fiscal quarter of 2006.“For the past three quarters, capacity has exceeded demand in the industry,” said Steve Russell, Celadon chairman & CEO. “But we have used this situation as an opportunity to make a series of acquisitions. Our acquisition of certain assets of Air Road Express in early June added new customers in lanes similar to Celadon’s north-south focus. We believe [that will help us] further grow through acquisitions, in addition to internal growth, when the freight environment improves.”