Daniel Cushman, president and CEO of Tontitown-based carrier P.A.M. Transportation Services Inc., announced Thursday (April 30) that he intends to retire Friday (May 1) after 11 years in his role as the company’s chairman and largest shareholder becomes interim CEO.
Cushman, who is board chairman of the Arkansas Trucking Association, will remain in an advisory role with the company until July 31 while the company launches an internal and external national search for a new CEO.
“On behalf of the board of directors and our entire company, I want to sincerely thank Dan for his transformative leadership and dedication over his 11 years as our CEO and wish him well in retirement,” said Matthew T. Moroun, chairman of the company’s board of directors. “Dan’s vision, character and commitment have been a driving force in this period of strong growth and profitability P.A.M. has achieved over the past decade, including three of the last five years being the most profitable in the company’s history. The entire board of directors and management team have been privileged to work with him.
“P.A.M. is well-positioned for the future to create value for shareholders, and we look forward to building on Dan’s legacy of success and further strengthening the impressive leadership team he has established,” Moroun added.
The board of directors has appointed Moroun to serve as interim president and CEO starting May 1 until a permanent CEO is selected. Moroun will continue to serve as board chairman and will not receive any additional compensation for his service as interim CEO.
Moroun is the son of Manuel Moroun, who recently retired from the board of directors. Matthew T. Moroun owns 68%, or 3.9 million shares, of the company, and his son, Matthew J. Moroun, has been nominated to the board, according to the company’s proxy statement.
The CEO search will be led by a special committee of the board of directors and facilitated by Pete Dwyer with human resources company HR-1 Corp. of Warren, Mich.
After the markets closed April 14, P.A.M. reported a first-quarter loss of $1.3 million, compared to net income of $8.3 million in the same period in 2019. Revenue rose narrowly to $129.15 million.
Shares of P.A.M. (NASDAQ: PTSI) were trading Friday at $36.90, down $1.28, or 3.35%. In the past 52 weeks, the stock has ranged between $71.56 and $22.