Today Celadon Group Inc. announced that company CEO Paul Will is retiring at the age of 51.
C-Suite Shake Ups Continue For Celadon
Will, who served as Celadon’s Chairman of the Board and CEO since 2012, has worked for the company for the past 24 years.
As of July 24, Will will be replaced as company CEO Paul C. Svindland after a unanimous vote by the Board of Directors. Svindland has previously held executive positions at Pacer International, EZE Trucking Holdings, Inc., and Farren International Holdings, Inc.
Celadon also announced that on Will’s retirement, Michael Miller would replace him as Chairman of the Board. Prior to this announcement, Miller served as the lead independent Director of the Board.
In May of this year, Chief Operating Officer Eric Meek stepped down and was replaced by Jonathan Russel, son of late Celadon founder Stephen Russell in the wake of scrutiny over allegedly misleading financial statements. The company also reported a $10 million operating loss for the quarter ending on March 31, 2017. Since that time, Celadon was able to strike a new deal with credit lenders to provide debt relief.
Celadon Executives Welcome New Leadership
Said Miller, “On behalf of the entire organization, I would like to thank Paul Will for his service and dedication to Celadon over the past 24 years. Paul has been an invaluable team member at Celadon, and the Company has seen many significant achievements under his leadership during the past four and a half years. Paul and the rest of the Board have been working collaboratively on succession planning for more than a year, and this change reflects our mutual determination that we have found the right person to provide new leadership. We appreciate Paul’s cooperation and enthusiasm throughout this process, and his steadfast resolve in helping to transition leadership during this critical time.”
Will offered thanks to the Celadon team and endorsed his successor: “I have thoroughly enjoyed my career at Celadon, and it has been an honor to work alongside and serve our employees, professional drivers, and stockholders. For this reason, I felt it was important for me to work with my fellow Board members to allow an effective transition of duties and the appointment of the right leader to take Celadon into its next chapter. I firmly believe that Mr. Svindland is the right person for this role.“