Celadon Increases Driver Pay Despite $10 Million Operating Loss
Celadon Group Inc. has announced that they will be increasing pay for their truck drivers in spite of the company’s current financial difficulties and shakeups in leadership positions.
Celadon Ups Pay To Attract Qualified Drivers
Company drivers, owner-operators, and local drivers will all be seeing a pay increase, according to Celadon. Before the pay increase, Celadon started drivers out at $0.34 per mile regardless of experience. Take a look below for details on the pay increase.
- Dry van company drivers will earn between $0.36 and $0.38 per mile with six months of experience. Dry van company drivers with 20 or more years of experience will max out at $0.50 per mile.
- Dry van owner-operators will see a pay increase of 3% up from the previous rate of 67% of the load’s gross revenue.
- Refrigerated company drivers will start out at $0.39 to $0.41 per mile. Refrigerated company drivers with 20 or more years of experience will max out at $0.53 per mile.
- Refrigerated owner-operators will see a 5% pay increase up from the previous rate of 70% of the load’s gross revenue.
Last month it was reported that Celadon posted a $10 million operating loss for the third quarter. Stock prices fell dramatically and company president Erik Meek resigned. The company also faces numerous lawsuits from investors who say that the company mislead them about being investigated by the U.S. Securities and Exchange Commission.