TONITOWN, AR / ACCESSWIRE / August 7, 2020 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today announced that on August 4, 2020, the Board of Directors of the Company appointed Joseph A. Vitiritto to serve as the Company's new President and Chief Executive Officer. Mr. Vitiritto will begin his new role on August 18, 2020 and succeeds the Company's former President and Chief Executive Officer, Daniel H. Cushman, who retired effective May 1, 2020, and Matthew T. Moroun, who has served as interim CEO since May 1, 2020. Mr. Moroun will remain as Chairman of the Board of the Company, and effective on August 18, 2020, Mr. Vitiritto will fill the vacant director position previously held by Mr. Cushman. Mr. Vitiritto has also been appointed by the Board to serve on the Executive Committee of the Board effective on August 18, 2020.
Joe Vitiritto brings 26 years of leadership experience in the truckload industry. Over the years, he has held multiple positions of responsibility in areas of Operations, Pricing, Human Resources and Sales. A majority of his career has been with Knight Transportation, where he was an active leader in the merger with Swift Transportation. His most recent position was with Knight-Swift as the Senior VP of Pricing and Network Design. Mr. Vitiritto is a graduate from Iowa State University with a BA in Marketing.
Matthew Moroun, interim CEO of the Company, said, "We are excited to welcome Joe to P.A.M. Joe brings a vast amount of transportation industry experience to the Company and developed his skillset while working for one of the largest transportation companies in our industry. He has proven leadership qualities as well as technical expertise in areas that will be of great importance to P.A.M. as we work to achieve our long-term growth goals. Joe also recently played an integral role in one of the largest truckload carrier mergers in recent history, and as P.A.M. continues to explore acquisition opportunities, Joe's experience in this area will be invaluable."
"I would like to thank the Board for this tremendous opportunity," said Mr. Vitiritto. "I am very excited to be joining the P.A.M. Transport family. I believe P.A.M. has a solid foundation and a talented team that is well positioned to improve and deliver strong results and growth for our shareholders, customers and employees."
Mr. Vitiritto and his wife of 25 years will be moving from Arizona to NW Arkansas and are anxious to embrace the advantages and culture of the NW Arkansas area.
About P.A.M. Transportation Services, Inc.
P.A.M. Transportation Services, Inc. is a leading truckload dry van carrier transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company also provides transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers.
Forward-Looking Statements
Certain information included in this document contains or may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, ongoing and potential future economic, business and operational disruptions and uncertainties due to the COVID-19 pandemic or other public health crises; excess capacity in the trucking industry; surplus inventories; recessionary economic cycles and downturns in customers' business cycles; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; the resale value of the Company's used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; unanticipated increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import/export, trade and immigration regulations or policies; a significant reduction in or termination of the Company's trucking service by a key customer; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.
CONTACT:
P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
(479) 361-9111
SOURCE: P.A.M. Transportation Services, Inc.