As a result of the deal, Jon Russell, the son of Celadon co-founder Steve Russell, is expected to leave the company for a management position with the acquiring firm.
The children of late Celadon Group Inc. co-founder Steve Russell and his second wife have been waging a court battle over his $31 million estate.
The three children of the late Celadon Group cofounder Steve Russell filed a will contest Wednesday alleging his second wife boosted her inheritance from his $31 million estate by taking advantage of his dementia.
Patron of the arts, founder of Celadon, and a soft touch for community causes.
New Celadon Group CEO Paul Will wants to increase productivity at the trucking firm, not just through more sophisticated customer-relationship and tracking software, but also by improving the acumen of the company’s nearly 4,000 employees.
Celadon Group has swallowed, whole or in part, nine trucking firms in as many years. But the acquisition momentum lurched to a halt late this month like a semi stopped by a runaway-truck ramp when it was rebuffed by Arkansas-based USA Truck. Since then, Celadon hasn’t signaled its next move.
The Indianapolis-based trucking company saw profit rise to $400,000 in its third quarter from a $2.1 million loss in the same
period
last year.
Celadon CEO Stephen Russell faced a treacherous patch of highway when fuel prices spiked and the recession drove the
trucking industry into an economic Death Valley. In IBJ's new video feature on leadership issues, Russell explains
how advice from his dentist helped pave the way to recovery.
The Indianapolis trucking firm is not among the weaklings and, if anything, will benefit from additional fleet
failures to the
extent it diminishes industry capacity.
In just over one quarter, shares of Celadon Group lost nearly half their value as profitable cargo got harder to find in a
slowing economy. The stock closed at $9.13 on Dec. 19, down from nearly $17 in late August.
