Pamt Corp., formerly Pam Transportation Services, announced that President and CEO Joe Vitiritto will step down next month for family reasons.
The announcement follows the Tontitown, Arkansas-based company’s first-quarter net loss in which its truckload segment booked a sixth consecutive operating loss – a 110.9% operating ratio (inverse of operating margin).
Roughly one-third of the company’s annual revenue is tied to the automobile industry.
Vitiritto took the helm at Pamt in August 2020 after a 17-year stint with carrier Knight-Swift (NYSE: KNX).
Pamt (NASDAQ: PAMT) Chairman Matthew Moroun will assume the dual role on an interim basis. The transition will occur on June 27. Moroun has been a director at Pamt since 1992, holding the role of chairman since 2007.
Moroun also serves as chairman of other family-held trucking, real estate and insurance entities, including publicly traded Universal Logistics (NASDAQ: ULH).
The filing with the Securities and Exchange Commission also showed the company updated an indemnification agreement for directors and officers to reflect its reincorporation in Nevada.
The Moroun family trusts collectively own more than 50% of Pamt’s outstanding common stock.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now