Cannon Founder Calls It Quits

Cannon Express Inc. of Springdale said Aug. 20 that CFOex Inc. will assume day-to-day management responsibilities of the company and that president and CEO Dean Cannon has resigned.

Cannon’s wife, Rose Marie, also resigned her position as secretary and treasurer.

In a news release, the company said that Dean Cannon will continue to serve as the chairman of the board of directors and Rose Marie Cannon will remain as a company director. CFOex will report to the company’s board of directors.

“[D]ue to the company’s lack of operating success, it is imperative that Cannon Express take immediate steps to improve its operating performance and liquidity,” Dean Cannon said in a prepared statement.

“I believe retaining the managerial and financial experience and talent of CFOex is in the best interest of the company’s shareholders.”

The company said CFOex will also pursue “financial and strategic alternatives for the benefit of [Cannon’s] shareholders.”

Cannon hired CFOex in early August. The firm is composed of former chief financial officers and senior executives from public and private trucking companies. It provides financial services exclusively to the transportation industry and provides financial advisory, merger and acquisition structuring and capital funding services.

Bruce Jones, the founder and president of CFOex, will become Cannon’s interim CEO. Jones served as the managing director of a transportation merger and acquisition transportation firm. Bruce is the former CFO of two publicly traded truckload carriers, including J. B. Hunt Transport Services Inc. of Lowell.

Calvin Turner will serve as interim COO. Turner served as executive vice president of Alabama Motor Express and president of Summerford Truck Lines. Turner is also former chairman of the Alabama Truck Association.

Cannon Express is an irregular-route truckload carrier serving all 48 states and Canada with its fleet of about 775 trucks and 1,450 trailers.