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Barge maker abruptly names new CEO

February 19, 2008
A new president and CEO has been appointed at American Commercial Lines, the big barge builder headquartered in the southern Indiana city of Jeffersonville, after the company reported a plunge in profit.

Michael Ryan, the company's senior vice president of sales and marketing, will replace Mark Holden on March 1, the parent of Jeffboat said yesterday.

American Commercial Lines said fourth-quarter earnings sank to $23.7 million, although revenue increased more than 13 percent, to $302.5 million.

Ryan said in a statement that the company will continue a strategy conceived in 2006 of "taking every opportunity" to boost its business in both manufacturing and transportation in order to stabilize its revenue stream.

The company has been adding barge-shipping contracts to its core business of manufacturing barges.

American Commercial Lines shares have taken a beating, plummeted from $39 a year ago to $17.60 yesterday. In premarket trading today, the stock climbed 2.3 percent.

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