Trucking giant Ryder will get a new CEO in two weeks, as the Miami-Dade company announces the retirement of Gregory Swienton and the promotion of current COO Robert Sanchez to the top job.
Ryder, which leases commercial trucks and manages supply operations for companies around the world, saw revenues and profits increase this year, but has also been cutting costs and selling part of its fleet to combat slowing sales. Swienton, 63, joined Ryder as president in 1999 and was promoted to CEO a year later. Sanchez, 47, will become the company’s fifth CEO since its founding in 1933 by a Miami Beach construction worker named Jim Ryder. One of three Fortune 500 companies south of Palm Beach County, Ryder employs about 700 people at its headquarters in western Miami-Dade.
Sanchez becomes CEO on January 1, and Swienton will retain the title of chairman of the board until Ryder’s annual meeting in May, when that title will pass to Sanchez, too, the company said in a press release issued Monday morning.
E. Follin Smith, an independent director on the board, said in a statement in the company press release: “We sincerely thank Greg Swienton for leading Ryder to an improved sustainable business model, significantly enhanced financial performance, and an organization-wide commitment to business integrity.”
Swienton said Monday he was ready to end his career and begin enjoying a retirement with family, particularly grandchildren living in Texas, where he and his wife own a home.
“I had my seventh grandchild on Nov. 28th. There are many things pulling you in life,’’ Swienton said in a joint telephone call with his successor, Sanchez. “I’ve been working for 41 years straight.”
A 19-year veteran at Ryder, Sanchez has served as head of the company’s largest division, global fleet management solutions, and as chief financial officer. He was born in Miami, a graduate of Christopher Columbus High School and the University of Miami.
Sanchez said his main goal would be “to continue the good work Greg has done here at Ryder.” He noted that Ryder’s primary business is as an out-sourcer — with companies turning over their supply operations to Ryder as a cost saver. That leaves Ryder plenty of room to grow, since “there is still a very large part of the market that is not outsourced.”
Following the news Ryder stock dropped almost 2 percent by midday Monday, to $48.75 a share, on a day when most stock indices were posting gains.
Ryder CEO Greg Swienton retiring, COO getting promoted
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Ryder CEO Greg Swienton retiring, COO getting promoted
