Moyes relinquishes power at Swift

Moyes relinquishes power at Swift    Swift Transportation Co., the largest U.S. truckload carrier, said Robert Cunningham has returned to the company as president, replacing company founder and chairman Jerry Moyes as head of the company. Cunningham also immediately becomes chief operating officer.
   Last month the Securities and Exchange Commission informed the company it has initiated a formal investigation into stock trades by company insiders, including Moyes, and stock repurchases by the company. The stock transactions are also under investigation by the Justice Department.
   Cunningham, who was a senior executive of Phoenix-based Swift from 1986 to 1997, will also serve on the board of directors. Swift said Cunningham is in line to replace Moyes as chief executive officer by the end of next year.
   Moyes is also giving up some power as chairman. The position will now be shared by Moyes, William Riley, the company’s senior executive vice president, and Cunningham in a new “Office of the Chairman.”
   A Swift spokesman told the Arizona Republic the changes were not related to the legal situation, but were part of a succession plan the company began developing last month.
   Cunningham is in the process of selling his Freightliner truck dealership in Arizona to avoid any conflict of interest. Swift’s fleet includes Freightliner trucks.
   Swift also said Gary Enzor, the company’s chief financial officer, has accepted a position with another company. Riley, who served as Swift’s CFO from 1990 to 2002, will serve as acting CFO until a permanent replacement is found.