Ryder System, Inc. (NYSE: R), a commercial fleet management company, announced the appointment of Scott T. Parker as executive vice president (EVP) and chief financial officer (CFO) to succeed Art Garcia, who announced his retirement in September 2018.
In the new role, Parker will be responsible for Ryder’s financial management functions including finance and audit, treasury, tax, accounting, corporate strategy and investor relations. Parker will also serve as a member of Ryder’s executive leadership team and report to Chairman and Chief Executive Officer Robert E. Sanchez.
“Scott is a highly talented and seasoned leader with a proven track record of successfully driving top-line growth and improved profitability,” Sanchez said in a release. “His extensive financial expertise, along with his strategic mindset, will help take us to the next phase of our growth strategy in the constantly evolving transportation and logistics industry.”
Since November 2015, Parker had served as EVP and CFO for OneMain Financial (NYSE: OMF) and held similar roles at CIT Group Inc (NYSE: CIT) and General Electric Company (NYSE: GE). Parker will join Ryder in April.
“I’m thrilled to join a new industry and such an innovative, forward-thinking company,” Parker said. “I look forward to working with the management team as we continue to grow the business and build on our success.”
As part of the planned succession process, Garcia will continue in the CFO role until April 5, 2019, and, thereafter, will serve as a special advisor to the CEO until his retirement on April 30, 2019.
“I would like to thank Art for his leadership during his 20-year-career with Ryder, helping to deliver the company to the strong position it holds today, and wish him all the best in his retirement,” Sanchez said.
Parker will receive a $4.8 million equity compensation grant comprised of $4.3 million of restricted stock and $500,000 in stock options that vest over three years subject to continued employment (40 percent vesting after the first year and 30 percent after each of the second and third years).