Global logistics specialist Expeditors International (EXPD -0.13%) announced yesterday that the company's CEO would retire effective March 1.
Expeditors said Peter J. Rose will remain chairman through the company's annual meeting in May 2015 as a means of assisting the new CEO -- who the company expects to name in January -- with building relationships with investors, customers, and other external stakeholders. The January s meeting will celebrate Expeditors' 35th anniversary.
Reflecting on his presiding over 100 quarters of operation, or some 25 years, Rose said it became clear it was more important to transition and introduce the new CEO to the company's stakeholders.
"I look forward to working with the Board of Directors with our transition to a new CEO, who will be selected from a slate of well-qualified and experienced internal candidates.," Rose was quoted in the press release as saying. "The new CEO will be one resolved to assuring we maintain our cultural values and focus on providing best-in-class service to customers around the globe so that our people and our shareholders enjoy even greater levels of success."
Expeditors International's lead independent director, Robert Wright, was quoted in the press release as saying the company was fortunate to have a "deep bench of accomplished leaders" from which to choose its next CEO.
Headquartered in Seattle, Expeditors International has nearly $6 billion in revenue, 188 full-service offices across six continents, and more than 13,000 employees worldwide.
