Werner Founder CL Werner Hands Over the Keys to Leathers

Rhea-AI Summary

On June 4, 2020, Werner Enterprises (NASDAQ: WERN) announced the transition of leadership as CL Werner stepped down as Executive Chairman effective May 31, 2020. He will remain as Chairman of the board until May 2021, after which he will assume the title of Chairman Emeritus. Derek Leathers, current CEO and President, was appointed Vice Chairman of the board. CL Werner, who founded the company in 1956, expressed confidence in Leathers' leadership and the company's strong position. Werner Enterprises is a leading transportation and logistics provider with a global presence.

Positive

• Derek Leathers appointed as Vice Chairman, indicating stable leadership transition.
• CL Werner's endorsement of Leathers suggests confidence in continued company growth.
• Company remains a top player in the trucking industry with diversified services.

Negative

• None.

OMAHA, Neb., June 04, 2020 (GLOBE NEWSWIRE) -- Werner Enterprises (NASDAQ: WERN), a premier transportation and logistics provider, announced CL Werner stepped down as Executive Chairman, effective May 31, 2020. CL will continue to serve as Chairman of the board of directors through the end of his current term, which ends May 2021, and at that time it is expected that he will become Chairman Emeritus. In connection with this transition, the board of directors appointed Derek Leathers, the current Chief Executive Officer and President of the Company, as a member and Vice Chairman of the board of directors effective May 31, 2020. CL has recommended to the board of directors that Mr. Leathers be named Chairman of the board of directors, in addition to Chief Executive Officer and President, when Mr. Werner’s term ends.

As Werner’s very first driver, CL started Werner Enterprises with one truck in 1956. When he sold that truck, he bought two, and he continued that process early in his career to create one of the top truckload carriers in the country. CL has always been a visionary. Werner became the very first trucking company to implement paperless driver logs in the mid-1990’s, decades before the industry required them for all trucking companies. Werner is also the largest cross-border carrier into and out of Mexico and is a global company providing transportation solutions throughout the world.

“All I ever wanted to do was drive a truck,” said CL. “As the first driver for our company, I know first-hand that professional drivers are, and have always been, the backbone of our country. America is witnessing that now more than ever. I’ve been proud to have created such a company. But my intent was nothing more than being able to drive a truck, provide exceptional service, meet good people, and hope I could convince the best of them to come to work for me…and it worked. There comes a moment when you know it’s just time to move on. I’m in good health, and Werner has never been in a better position than it is today. So now is the time. I have the utmost confidence in Derek and his leadership team to continue to take Werner to the next level and beyond.”

Leathers stated, “Never in my lifetime have I witnessed such foresight as CL has. He’s passionate about our company, our drivers, our associates, and life in general. There is no doubt he will stay committed to Werner’s success going forward. He put over 64 years of work into this company, and I appreciate the confidence he has in me and our leadership team going forward. We will continue to concentrate on the things that have made Werner great – being a driver-focused company, with core values that reflect who we are as we serve our customers.”

Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with coverage throughout North America, Asia, Europe, South America, Africa and Australia. Werner maintains its global headquarters in Omaha, Nebraska and maintains offices in the United States, Canada, Mexico and China. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated; medium-to-long-haul, regional and expedited van; and temperature-controlled. The Werner Logistics portfolio includes truck brokerage, freight management, intermodal, international and final mile services. International services are provided through Werner’s domestic and global subsidiary companies and include ocean, air and ground transportation; freight forwarding; and customs brokerage.

Werner Enterprises, Inc.’s common stock trades on the NASDAQ Global Select Market^SM under the symbol “WERN.” For further information about Werner, visit the company’s website at www.werner.com.

Fred Thayer, Associate Vice President- Corporate Brand and Communications
Werner Enterprises, Inc.
402.895.6640 ext. 100-2065
fthayer@werner.com

FAQ

What leadership changes occurred at Werner Enterprises on June 4, 2020?

On June 4, 2020, Werner Enterprises announced that CL Werner stepped down as Executive Chairman, with Derek Leathers appointed as Vice Chairman of the board.

Who will replace CL Werner as Chairman of the board at Werner Enterprises?

Derek Leathers is recommended to be named Chairman of the board upon the completion of CL Werner’s term in May 2021.

What is the significance of CL Werner's departure as Executive Chairman?

CL Werner's departure marks a significant leadership transition, reinforcing the company's strategic direction under Derek Leathers.

What are some key facts about Werner Enterprises?

Founded in 1956, Werner Enterprises is one of the largest truckload carriers in the U.S., providing comprehensive transportation and logistics services globally.