Less-than-truckload carrier XPO announced Thursday that Wes Frye, the former chief financial officer at Old Dominion Freight Line, has been appointed to its board effective immediately.
The addition of Frye expands XPO’s (NYSE: XPO) board to nine members, seven of which serve as independent directors.
Frye was at Old Dominion (NASDAQ: ODFL) for 30 years, serving as CFO for the last 18. When he joined the company as vice president of finance in 1985, the carrier was generating $90 million in revenue with a high-90% operating ratio.
With Frye heading the company’s finances from 1997 to 2015, revenue grew by more than $2.6 billion and the OR improved from 94% to 83%.
In 1991, Frye helped navigate Old Dominion through its initial public offering.
“Wes Frye’s name is synonymous with LTL operational excellence,” Brad Jacobs, XPO’s executive chairman, stated in a news release. “He brings a rare mix of industry expertise and financial acumen that will be a powerful asset to both our board and our company.”
XPO will look to Frye to help it achieve recently established long-term targets for its LTL business.
The company has forecast revenue to increase at a compound annual growth rate of 6% to 8% for a six-year period ending in 2027. At the same time, it expects to improve OR by 600 basis points through yield initiatives, service enhancements and operational efficiencies, areas where Frye can provide expertise.
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Tony Miller
So anybody Who pays better OD for XPO, who is more organized OD or Xpo? And also do OD, and XPO do truckload, as well as LTL? I’m gonna be retiring soon and these are the two companies I have on my list. Since Xpo is getting a vital addition to their company I would appreciate if someone can give me a little help here making a good choice. I know I have one friend that works for XPO and he loves it and from what I spoke with on the phone from Old Dominion they offered $100,000 a year but that was for Tawanda New York but I know Old Dominion always had a great reputation, money and Drivers Will choose Old Dominion before most. Now that XPO has made a huge mark in the LTL business they seem to be going up and looking good. So they are definitely on my radar. But it would be nice if I can get a little input from anyone on this matter of XPO versus Old Dominion. And the gentleman who is the addition to the XPO team. Thank you people
Robert
Dave, I drove for OD from 2017-2022. Their docks are actually typically organized unless it’s evening rush to load up linehaul. They have their stuff together and that’s why XPO wants their former staff.
Robert
You’ve never been on on OD dock, Dave and comparing them to Yellow is a joke. I mean come on Dave. If your docks look anything like the equipment you have out on the street, I’d hate to see your docks, lol.
Dave
Old Dominion should be sued for false TV commercials.
. A working freight terminal/dock is not as tiddy and clean as their commercials portray. From my initial Teamster employment in 1969 to my retirement from Yellow in 2005 I have never witnessed a dock such as the one in their commercials!!!!