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    Old Dominion Freight Line Inc (ODFL)

    Board Change

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    Old Dominion Freight Line, Inc. (ODFL) is one of the largest North American less-than-truckload (LTL) motor carriers, offering regional, inter-regional, and national LTL services through a single integrated, union-free organization . The company provides expedited transportation, container drayage, truckload brokerage, and supply chain consulting, supported by a vast network of service centers across the continental United States and strategic alliances for broader North American coverage . More than 98% of ODFL's revenue is historically derived from transporting LTL shipments, with demand generally tied to industrial production and the overall health of the U.S. domestic economy .

    1. Less-Than-Truckload (LTL) Services - Offers regional, inter-regional, and national LTL transportation services, forming the core of the company's operations and revenue.
    2. Expedited Transportation - Provides fast and reliable transportation solutions for time-sensitive shipments.
    3. Container Drayage - Facilitates the movement of containers between ports and inland destinations.
    4. Truckload Brokerage - Connects shippers with carriers for full truckload transportation needs.
    5. Supply Chain Consulting - Offers expert advice and strategies to optimize supply chain operations.
    NamePositionStart DateShort Bio
    Kevin M. FreemanPresident and Chief Executive OfficerJuly 1, 2023Kevin M. Freeman was appointed as President and CEO effective July 1, 2023. He has been with Old Dominion since February 1992, holding various positions in operations and sales .
    Adam N. SatterfieldExecutive Vice President, Chief Financial Officer, and Assistant SecretaryJuly 2023Adam N. Satterfield was appointed as Executive Vice President, CFO, and Assistant Secretary in July 2023. He joined Old Dominion in October 2004 and has held various finance-related positions .
    Gregory B. PlemmonsExecutive Vice President and Chief Operating OfficerJuly 1, 2023Gregory B. Plemmons was appointed as Executive Vice President and COO effective July 1, 2023. He has been with Old Dominion since April 1997, holding various positions in operations and sales .
    Christopher T. BrooksSenior Vice President - Human Resources & SafetyJanuary 2018Christopher T. Brooks was appointed as Senior Vice President - Human Resources & Safety in January 2018. He previously served as Vice President - Human Resources from June 2015 to December 2017 .
    Steven W. HartsellSenior Vice President – SalesJuly 2023Steven W. Hartsell was appointed as Senior Vice President – Sales in July 2023. He has been with the company since January 1998, holding various positions in operations and sales .
    Christopher J. KelleySenior Vice President – OperationsMay 2023Christopher J. Kelley was appointed as Senior Vice President – Operations in May 2023. He has been with Old Dominion since July 2002, serving in various sales positions .
    Cecil E. Overbey, Jr.Senior Vice President - Strategic DevelopmentJanuary 2011Cecil E. Overbey, Jr. was appointed as Senior Vice President - Strategic Development in January 2011. He joined Old Dominion in June 1995 as a National Account Executive .
    Ross H. ParrSenior Vice President - Legal Affairs, General Counsel and SecretaryJanuary 2016Ross H. Parr was appointed as Senior Vice President - Legal Affairs, General Counsel and Secretary in January 2016. He joined the company in August 2011 as Vice President, Deputy General Counsel and Assistant Secretary .
    Clayton G. BrinkerVice President – Accounting and FinanceAugust 2, 2024Clayton G. Brinker serves as Vice President – Accounting and Finance at ODFL, effective August 2, 2024 .
    Kimberly S. MareadyVice President – Accounting and Finance (Retiring August 2, 2024)N/AThe documents do not provide specific details about Kimberly S. Maready's start date or a detailed biography. However, she is mentioned as the Vice President – Accounting and Finance and serves as the Principal Accounting Officer .
    1. Given the ongoing decrease in revenue and the increase in your operating ratio to 72.7% this quarter, are there any plans to cut costs or shed excess capacity to improve margins, especially as fixed costs are pressuring the industry?
    2. How do you plan to address the impact of recent hurricanes on your network operations and customer shipments, and do you expect this disruption to affect your fourth-quarter performance?
    3. With the uncertainty around the upcoming election causing customers to pause, can you differentiate between temporary pauses and ongoing industrial macro headwinds, and how are you planning for potential demand fluctuations?
    4. Your tonnage has declined due to continued economic softness; what specific strategies are you implementing to improve volumes, and where are you seeing pockets of weaker-than-expected activity in your customer base?
    5. Considering the substantial increase in your share repurchase program compared to last year and the modest dividend yield, can you explain the rationale for favoring buybacks over dividends, and does this indicate that you believe the stock is undervalued?
    Program DetailsProgram 1Program 2
    Approval DateJuly 28, 2021 July 26, 2023
    End Date/DurationCompleted in May 2024 No expiration date
    Total additional amount$2.0 billion $3.0 billion
    Remaining authorizationN/A (Program completed) $2.44 billion
    DetailsProgram completed $2.40 billion uncommitted, reflecting a $40.0 million forward stock purchase contract under the ASR Agreement
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    202420.0Series B Notes3.1033.4% = (20.0 / 59.985) * 100
    202520.0Series B Notes3.1033.4% = (20.0 / 59.985) * 100
    202620.0Series B Notes3.1033.4% = (20.0 / 59.985) * 100
    202720.0Series B Notes3.1033.4% = (20.0 / 59.985) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1994 PresentCurrent auditor

    Recent developments and announcements about ODFL.

    Corporate Leadership

      Leadership Change

      ·
      Dec 18, 2024, 9:47 PM

      Leo H. Suggs is leaving the Board of Directors of Old Dominion Freight Line, Inc. He has decided to retire at the end of his current term and will not stand for re-election at the 2025 Annual Meeting of Shareholders. His decision to retire is not due to any disagreement with the company .

      Board Change

      ·
      Dec 18, 2024, 9:47 PM

      Leo H. Suggs has announced his decision to retire from the Board of Directors of Old Dominion Freight Line, Inc. He will continue to serve until the company's 2025 Annual Meeting of Shareholders and will not stand for re-election .