Pamt Corp., previously Pam Transportation Providers, introduced that President and CEO Joe Vitiritto will step down subsequent month for household causes.
The announcement follows the Tontitown, Arkansas-based firm’s first-quarter web loss during which its truckload phase booked a sixth consecutive working loss – a 110.9% working ratio (inverse of working margin).
Roughly one-third of the corporate’s annual income is tied to the car business.
Vitiritto took the helm at Pamt in August 2020 after a 17-year stint with provider Knight-Swift (NYSE: KNX).
Pamt (NASDAQ: PAMT) Chairman Matthew Moroun will assume the twin position on an interim foundation. The transition will happen on June 27. Moroun has been a director at Pamt since 1992, holding the position of chairman since 2007.
Moroun additionally serves as chairman of different family-held trucking, actual property and insurance coverage entities, together with publicly traded Common Logistics (NASDAQ: ULH).
The submitting with the Securities and Change Fee additionally confirmed the corporate up to date an indemnification settlement for administrators and officers to mirror its reincorporation in Nevada.
The Moroun household trusts collectively personal greater than 50% of Pamt’s excellent frequent inventory.
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