Roadrunner Transportation Announces New Executive Team, Fiscal Announcementsby Jake Tully - Published: 5/02/2017
Roadrunner Transportation Systems announced fiscal and infrastructure changes this morning, including the company’s current executive management team and stock investment announcements.
Heading the new management team at the Cudahy, Wisconsin-based company is Chief Executive Officer Curt Stoelting, with Mike Gettle as President and Chief Operating Office, Bob Milane, General Counsel and Chief Compliance Officer, and Scott Cousins, Chief Information Officer.
Stoelting takes the position of CEO at Roadrunner replacing Mark DiBlasi, who will serve at Vice Chairman of the Board for an interim period.
“I am excited about the opportunity to continue to work with Mike, Scott, Bob and the rest of our talented management team and team members at Roadrunner,” said Stoelting.
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Roadrunner also announced its plan for nearly $540 million redeemable preffered stock invested from Elliot Management, a long-time Roadrunner affiliate. Elliot Management, a private investment firm, holds approximately 8.6% of the common shares of Roadrunner.
“The new preferred stock investment gives Roadrunner a strong financial platform for today and the future. It also deepens our relationship with Elliott Management, who will now serve as a valued advisor and financial partner, said Stoelting. “We look forward to working with the team from Elliott Management in the years ahead.”
In utilizing the proceeds from Elliot Management investments, Roadrunner plans to use the capital towards current operations and growth in the company’s future. It is projected that nearly $240 million of the stock investment will see quick replacement with an asset-based lending facility, comprised of a group of commercial lenders.
Stoelting also commented that this morning's news could mean more efficiency and effectiveness for Roadrunner's various operations and offered services.
“Now that we have stable long-term financing in place, we can focus our efforts on improving our operations and pursuing new opportunities which will better allow us to serve our customers, partner with our key vendors and drive long-term value for our shareholders,” said Stoelting.
Roadrunner Transportation is an United-States based asset-light and asset-right logistics provider that operates under the entities of Roadrunner Freight, Roadrunner Express, Roadrunner Temperature Controlled and several other fleets offering less-than-truckload, intermodal, and dry van and temperature controlled services, among other offerings to customers.