Stephen Russell has decided to relinquish his role as chairman of the board of Celadon Group Inc., a position he’s held since founding the company in 1985.
Russell announced the decision Monday along with other executive title changes at the Indianapolis-based trucking company.
Russell, 75, plans to remain a member of the company’s board.
Paul Will, the company’s CEO, president, and vice chairman of the board, will succeed Russell as chairman.
Eric Meek, executive vice president and chief operating officer, was appointed president and will remain COO.
The changes follow a promotion in June that made Bobby Peavler executive vice president, chief financial officer and treasurer. He previously was the company’s principal accounting officer.
“These actions mark the culmination of a successful succession planning effort over the past several years,” said Russell, who served as Celadon’s CEO from 1985 to 2012. “[Paul and Eric have] both consistently demonstrated the business acumen, leadership skills and commitment to Celadon's people that indicated their readiness for their respective positions.”
Celadon shares were up 3 percent Tuesday morning, to $22.36 each.