PAMT CEO to resign
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PAMT, formerly PAM Transport, announced CEO Joseph Vitiritto will resign effective June 27 due to family reasons, according to an 8-K filing from May 8.
Vitiritto has served as PAMT's president and CEO for nearly five years. In the past, he held executive and managerial positions at Swift Transportation, Knight Transportation, Colton Carriers and Schneider National, according to his LinkedIn profile.
The Board of Directors appointed Chairman Matthew Moroun to serve as interim president and CEO, effective on Vitiritto's resignation date. Moroun will act in his interim role until a permanent individual is selected. He has served as a director of the company since 1992 and as chairman of the board since 2007. Moroun previously served as interim president and CEO from May to August 2020.
Moroun is also chairman for a diversified holding company and an insurance and real estate holding company, and director and chairman of the board of Universal Logistics. Moroun owns or controls other privately held businesses engaged in transportation services, real estate acquisition, development and management.
During Q1, PAMT reported operating revenue of $155.3 million, down 14.9% year-over-year, and an operating loss of $9.2 million, according to a press release.
PAMT saw a reduction in truck count and miles due to a less favorable freight market with an oversupply of trucks in the market compared to available freight, the company said in an 10-Q filing. A decrease in total miles and rates per mile contributed to a decline in truckload services revenue by 9.6% year over year to $92.4 million.
The company also said a large part of its business is dependent on the automotive manufacturing industry and its suppliers with operations in Mexico and Canada, which could be impacted by new tariffs.
'Any increases in current tariffs or the implementation of new tariffs could lead to higher costs and reduced availability and consumer demand for automotive and other products sold by our customers that are imported or exported to or from the United States,' PAMT said.
The company warned it could face reduced demand for its transportation services, particularly its cross-border and Mexico freight businesses, as customers reduce production or alter their supply chains to mitigate increased expenses.
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