RYDER COMBINES BUSINESS UNITS, PLANS TO CUT JOBS

   Ryder System Inc. will combine its business units, Ryder Transportation Services and Ryder Integrated Logistics, and create Ryder Capital Services, a subsidiary to fund the company’s operating needs.
   The changes are designed to improve the Miami-based company’s operating performance and to create a streamlined, client-focused organization, Ryder management said.
   The company also will cut less than 200 positions from its
30,000-employee staff in the next six months. The cuts will come in
"functional areas of overlapping responsibilities, such as finance, human
resources and sales and marketing," Ryder said.
   "We are making Ryder more responsive to its clients, as well as a
stronger competitor," said Gregory T. Swienton, president and chief
operating officer.
   Ryder Capital Services (RCS) will develop and delivery value-added
financial products and services to Ryder’s clients, suppliers and vendors. Service offerings will include leasing, new and used equipment financing, working capital lending, hedging risk management tools, insurance products and construction and permanent financing for real estate.
   Along with RCS, Ryder will also create a new Asset Management Group, which will have company-wide responsibility for Ryder’s vehicle, real estate and other assets.
   Dwight Denny, executive vice president of development, has been named executive vice president of asset management, to head the group.
   Other senior management changes include:
   * Ray Greer, president of Ryder Integrated Logistics, will become
executive vice president/general manager, global markets and solutions,
reporting to Swienton.
   * Steve Donly, senior vice president of operations with Ryder
Transportation Services, will become senior vice president of sales and
marketing, reporting to Greer.
   * Gene Tyndall, senior vice president of global development with Ryder Integrated Logistics, will become senior vice president, customer
solutions. Tyndall recently joined Ryder from Ernst & Young Management Consulting.