• ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
NewsTruckloadTruckload Carriers

CL Werner steps down as executive chairman of Werner Enterprises

President and CEO Derek Leathers joins board as member of the board and vice chairman

Transportation and logistics provider Werner Enterprises’ (NASDAQ: WERN) announced in an after market close press release on June 2 that founder and executive chairman of the board Clarence L “CL” Werner stepped down from the executive chair seat on May 31.

Werner will remain as chairman through his current term, which expires in May 2021. At that time, the company expects he will become Chairman Emeritus.

Current CEO and President Derek Leathers has been appointed to the board as a member and vice chairman. Werner recommended to the board that Leathers be named chairman when his term ends next year.

The company also announced that nearly 13 million shares of Werner’s common stock held in a revocable trust was registered for sale in a public offering.

The company is not selling any shares in the offering and will not receive proceeds from the sale of Werner’s shares.

Werner founded the company in 1956 at the age of 19 with a single truck. Today the carrier has more than 7,800 tractors in service, generating nearly $2.5 billion in revenue during 2019.

Leathers joined the company in 1999 and was tapped to lead the carrier in 2016.

The press release said that Morgan Stanley is acting as the sole underwriter in the transaction. 

Click for more FreightWaves articles by Todd Maiden.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.

3 Comments

  1. Sadly they don’t care about the long term drivers anymore.
    They got a building full of number counters who think long time career drivers are too much of a expense when they can take no experienced steering wheel holders and replace them.
    They think a degree in management or logistics makes them better then the drivers and qualified to tell someone with no tickets, csa points or accidents how to drive.
    Old werner slogan is “werner cares ” needs to have “to lie” added to it.

  2. When you look at that face,keep in mind that that is the face greatly responsible for the elogs crap,his drivers were driving like bandits,about to shut down by the D.O.T. he and his log dept deviced the evil scheme that has been getting worse ever since.
    He is the face of tiranny and evil,as far as I am concerned.
    NO,I don t drive illegally,neither did I back when,but I saw his drivers in violation after violation and accidents.
    Elogs weren t made for ppl like me who drives legal 100% of the time,but I am a casualty,all bc of this man and his outlaw company.

    1. Right on point. After 20 + years driving, I am about to leave the professional driving slavery. Same goes for the rest of the mega-$lavery companies. There is no future nor money in transportation!

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