Short line operator OmniTRAX is creating an audit committee to help steer its strategic growth plan, the company announced Tuesday.
The committee will consist of OmniTRAX board members, managers and members of the Broe family. OmniTRAX is an affiliate of the Broe Group, a Denver-based private equity firm.
The committee will provide financial reporting and analysis to help inform OmniTRAX’s growth strategy, the company said.
Chairing the committee will be Mike Brothers, a founding OmniTRAX board member who has been involved in the recruitment of OmniTRAX’s current management team and the board. Brothers is currently managing director of debt capital markets for Fifth Third Bank, and he has two decades of transportation experience and a career helping privately held entrepreneurial businesses, OmntiTRAX said.
“Given our dramatic pace of growth, we’ve reached the point where a formal committee’s collaborative guidance can really provide invaluable insights to help our executive team leverage our financial performance,” said OmniTRAX CEO Kevin Shuba. “Mike’s knowledge of the company from working with us for 20 years and his leadership will help the Audit Committee provide the guidance to enable strong fiscal agility and certainty as we weigh future strategic opportunities.”
OmniTRAX’s decision to form an audit committee comes as the company has been seeking to expand its asset network through partnerships with localities across the U.S. The company also in June named a former Union Pacific chief operating officer (NYSE: UP) to chair its board of directors.