Global logistics company Expeditors International of Washington (NASDAQ:EXPD) will get a new CEO next year.
On Thursday, Expeditors announced that it is promoting current Executive Vice President and Chief Information Officer Jeffrey S. Musser to the positions of director, president and chief executive officer effective March 1. On that date, Musser will replace current CEO Peter J. Rose at the head of the company. Rose has been CEO for 25 years; he announced his retirement in October.
Musser is a three-decade veteran of the firm. Explaining the Board's decision to promote him, Expeditors lead independent director Robert R. Wright cited the executive's "mix of tenure and his unique portfolio of experience, having had both field and global corporate leadership responsibilities, combined with his background in the increasingly critical information technology (IT) discipline."
Praising his replacement, Rose said in a statement that "Jeff has distinguished himself at every level of endeavor throughout his 31-year career at Expeditors. Throughout that time, Jeff has never been given an assignment where he hasn't exceeded expectations."