On Monday, Knoxville-headquartered Pilot Company announced that new executives will join the company as part of the transition away from the Haslam family to majority ownership by Warren Buffett’s Berkshire Hathaway.
The Pilot Company announced that longtime Berkshire Hathaway executives Adam Wright and Joe Lillo would take the roles of CEO and CFO, respectively, as of May 30, 2023.
Current Pilot CEO Shameek Konar and CFO Kevin Wills will be stepping down.
Berkshire Hathaway took over majority ownership of the Pilot Company as of January 31, 2023, as part of plan announced in 2017 to reduce the Haslam family’s stake in Pilot to 20% by 2023. The 2017 announcement stated that Berkshire Hathaway would acquire an additional 41.4% stake in 2023 to add to the 38.6% stake acquired in 2017 in order to obtain a majority stake in the Pilot company at that time.
The Haslam family retains a 20% stake in the company, and James A. Haslam II, founder of Pilot Company, and James A. “Jimmy” Haslam III still serve as members of the Board.
“I want to thank Shameek and Kevin for all that they have done for Pilot Company. They have been instrumental in leading our over 30,000 Team Members through several years of growth and innovation,” said Jimmy Haslam. “While we express our utmost gratitude to them, I also want to welcome Adam, Joe and their families to Pilot Company and to the Knoxville community.”
Pilot is not the only major truck stop chain changing hands this year. In February 2023, TravelCenters of America announced plans for a $1.3 billion acquisition by BP Products North America Inc.