Latest news with #Moroun
Yahoo
20-05-2025
- Business
- Yahoo
PAMT CEO to resign
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. 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. Recommended Reading PAM Transport parent company takes earnings hit in Q4
Yahoo
13-05-2025
- Business
- Yahoo
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 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.
CBC
20-03-2025
- Business
- CBC
More than a dozen vacant homes are being demolished in Sandwich Town
Social Sharing As a bulldozer clears the rubble of a demolished home that once stood in the shadow of the Ambassador Bridge, west end Coun. Fabio Costante says there's a hopeful future ahead. "This is the last piece of the puzzle to really completely see a revitalization of Sandwich Town," he said, standing on the sidewalk. "I'm much more hopeful and optimistic than I've ever been." More than a dozen abandoned and boarded up homes are being torn to the ground on Indian Road and Rosedale Avenue after the Canadian Transit Company (CTC) had demolition permits approved by the city. The homes were purchased by CTC to clear a path for a second international crossing next to the Ambassador Bridge. However, the Ambassador Bridge owner said there is no plan to move forward with the project after the federal permit expired in 2022. But the owner is moving forward with extension of the plaza at the base of the Canadian entrance to relocate the secondary inspection area for transport trucks closer to the port of entry. Representatives did not reply to CBC's request for an interview about future plans for the area. Changing relationship between city, bridge company Costante and Mayor Drew Dilkens both said the company is making an effort to improve its relationship with the city. "I think Mr. Moroun genuinely wants to put all of these issues and some of the ill will that has come in the past levelled against his father and the Canadian Transit Company, he wants to put that to bed and turn the page," said Dilkens. The Moroun family has owned the Ambassador Bridge since 1979 and has in the past battled with the local and federal governments. Those fights include a legal battle to stop the government from opening the Gordie Howe International Bridge that failed in 2021 and the ongoing negotiations about what to do with the vacant, abandoned properties. "We've got a great relationship with the Ambassador Bridge, with Mr. Moroun, trying to get to the other side of this," said Dilkens. "It's the likes of which I've never felt before in terms of that type of relationship. So I'm very positive that we're going to find a common ground that resolves the issues." Those issues include what happens next with the expansion of the relocation of the Canadian Border Services Agency's operations near College Avenue and Huron Church. "The nuances and some of the intricacies are things that are being worked out right now among parties and I can't share details," said Costante.
