Gerkens Named Landstar's Chairman of the Board
"Henry has been an integral part of Landstar since its inception in 1988 and has done an excellent job leading the company forward for many years now. His strategic vision has, and will continue to keep Landstar on the cutting edge as it moves into its next phase, providing supply chain solutions and complete global and domestic transportation services," said outgoing Landstar Chairman Jeffrey C. Crowe.
Speaking on behalf of Landstar's Board of Directors, Lead Independent Director Bill Elston said, "Under Henry's leadership as President and CEO, the company has expanded the service offerings available to its customers. His appointment as Chairman is a logical choice and well deserved. This appointment also underscores the succession planning process in place at Landstar." Elston also thanked Jeff Crowe for his many years of service to the company. "From the beginning, Jeff has been instrumental in Landstar's success. Through their contributions, Jeff and Henry have taken the company to new heights and in turn created value for our stockholders."
Gerkens began his Landstar career as Vice President and Chief Financial Officer, and was promoted to Executive Vice President and Chief Financial Officer in 1994. In 2000, he was elected to the company's Board of Directors. In June, 2001, Gerkens was promoted to President and Chief Financial Officer and subsequently promoted again in December 2001 to President and Chief Operating Officer. In July, 2004, he was promoted to President and CEO.
The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are "forward-looking statements". This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies, expectations and intentions. Terms such as "anticipates," "believes," "estimates," "intention," "plans," "predicts," "may," "should," "will," the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or workers' compensation claims; unfavorable development of existing claims; dependence on independent sales agents; dependence on third-party capacity providers; disruptions or failures in our computer systems; a downturn in domestic or international economic growth or growth in the transportation sector; substantial industry competition; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10K for the 2008 fiscal year, described in Item 1A Risk Factors, and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements.
About Landstar:
Landstar System, Inc. is a non-asset based provider of integrated supply chain solutions. Landstar delivers safe, specialized transportation, warehousing and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market(R) under the symbol LSTR.
SOURCE Landstar System, Inc.
http://www.landstar.com