After beginning Swift Transportation with a single truck over 50 years ago, founder and CEO Jerry Moyes announced that he will retire at the end of the year.
Moyes, 72, will be replaced by Swift’s current president and COO Richard Stocking, who has been with the company since 1992. Moyes and Stocking will work together as co-CEOs until December 31.
Moyes founded Swift in 1966 with a single truck and eventually built the company into a fleet of nearly 20,000 trucks and $4 billion in annual revenue. On the announcement of his retirement, he said that he is confident in the ability of his company to move forward: “I want to thank everyone at Swift for helping me build this great company over the last 50 years. Swift is a strong company, strategically well positioned for continued growth and success.”
Moyes and his family have faced criticism for using their shares in Swift to fund personal business ventures. In May it was reported that 75% of the Moyes shares (worth $600 million) in Swift were pledged toward personal debts and financial obligations.
Swift’s shares rose 8.5% on the announcement of Moyes’s retirement.