Pamt Corp. CEO resigns for family reasons amid mounting losses
Pamt Corp., formerly Pam Transportation Services, announced that President and CEO Joe Vitiritto will step down next month for family reasons.
The announcement follows the Tontitown, Arkansas-based company's first-quarter net loss in which its truckload segment booked a sixth consecutive operating loss – a 110.9% operating ratio (inverse of operating margin).
Roughly one-third of the company's annual revenue is tied to the automobile industry.
Vitiritto took the helm at Pamt in August 2020 after a 17-year stint with carrier Knight-Swift (NYSE: KNX).Pamt (NASDAQ: PAMT) Chairman Matthew Moroun will assume the dual role on an interim basis. The transition will occur on June 27. Moroun has been a director at Pamt since 1992, holding the role of chairman since 2007.
Moroun also serves as chairman of other family-held trucking, real estate and insurance entities, including publicly traded Universal Logistics (NASDAQ: ULH).
The filing with the Securities and Exchange Commission also showed the company updated an indemnification agreement for directors and officers to reflect its reincorporation in Nevada.
The Moroun family trusts collectively own more than 50% of Pamt's outstanding common stock.More FreightWaves articles by Todd Maiden:
Insurance costs, fraud and cargo theft hit Landstar's Q1
Forward Air touts Q1 achievements, investors await next steps
Saia, others buying 10 Yellow Corp. terminals
The post Pamt Corp. CEO resigns for family reasons amid mounting losses appeared first on FreightWaves.
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