J.B. Hunt announces top management changes
by October 28, 2010 9:28 pm 85 views
Lowell-based J.B. Hunt Transport Services announced late Thursday that John Roberts III would become only the fourth CEO of what is now one of the nation’s largest freight transportation companies.
Kirk Thompson, president and CEO of J.B. Hunt since 1987, will step down from those posts on Dec. 31. Roberts, a 21-year veteran of the company who now works as president of Hunt’s dedicated contract services division, will become president and CEO effective Jan. 1. Roberts was elected to the board effective immediately.
Thompson, who has been with Hunt for 37 years, will transition to chairman of the board of directors. Wayne Garrison, now the board chairman, will remain as a director.
According to the company statement, Thompson oversaw the company’s growth from revenue of $286 million in 1987 to a projected $3.8 billion in 2010. During his tenure, J.B. Hunt grew from a truckload carrier to a more diverse transportation services company. The company’s market capitalization has grown from $500 million to more than $4.4 billion during the same time frame.
“With the Company’s strategic positioning well established and operational execution at such a high level, this is the right time for me to step back from the day-to-day operations,” Thompson said in the statement.
Roberts in 1997 took control of a fledgling contract services division that had revenue of $150 million. The division is expected to soon top $1 billion in revenue.
“John and I have worked together closely for the last 13 years after he was drafted to lead DCS in a ‘battlefield promotion.’ His response to that challenge and the challenges of growing a start-up business to almost $1.0 billion has been nothing short of outstanding,” Thompson said.
Nick Hobbs has been promoted to president of DCS. Hobbs has been with the company for 26 years.
The company on Thursday also announced a quarterly dividend of 12 cents per share payable Dec. 2 to shareholders of record as of Nov. 15.
J.B. Hunt shares (NASDAQ: JBHT) closed Thursday at $35.97. During the past 52 weeks the share price has ranged from a $39.65 high to a $29.45 low.