The move comes as the Indianapolis-based trucking company works through financial, accounting and operational issues.
A wave of companies, including some in Indianapolis, are launching freight-related apps in hopes of making money by helping to streamline a huge and fragmented industry.
Investors and analysts are reacting positively to Celadon Group Inc.’s decision to bring in an outside executive with years of transportation industry experience to run the company.
Q&A with Mark Kirschner, Wheaton Van Lines: “We’re not losing drivers; there’s just no new drivers coming into the industry.”
Q&A with Sherry Aaholm, Cummins Inc.: “My mother, early on, taught me the value of hard work, the value of recognizing diversity, the value of recognizing engagement and the fact that you’re just as powerful to do what you want to do.”
Eric Meek, who resigned as Celadon’s president and chief operating officer last month, is involved with plans to purchase Celadon subsidiary Prosair Technologies.
The trucking company's financial statements became decidedly more opaque after October 2015, when it set up an off-balance-sheet truck-leasing joint venture in which management held ownership.
Shares in the Indianapolis-based trucking company dropped as much as 67 percent Tuesday morning. At least 16 law firms say they have filed lawsuits against the company or are investigating doing so.
The Indianapolis-based trucking company is dealing with auditing issues, liquidity challenges and scrutiny from its lenders. It expects to report a $10 million quarterly loss.
Indianapolis-based Celadon Group Inc. is banking that a new federal food safety rule will help it take a bite out of its competition—in part because smaller carriers won’t be able to afford to comply.
The plaintiff says he was harmed financially because he purchased Celadon stock at “artificially inflated prices.” The company’s shares declined after allegations of misleading statements and a federal probe.
Founded in 2009, Spot Freight Inc. has been one of the area’s fastest-growing companies over the past several years.
The Indiana Court of Appeals upheld a 2014 decision ordering Celadon to pay more than $4 million to a group of drivers in a dispute over fuel costs.
Indianapolis-based trucking company Celadon Group Inc. on Wednesday announced quarterly financial results that topped analyst predictions.
The Indianapolis-based trucking and logistics company, which is building a $28 million corporate campus in Hancock County, has been approved for almost $3 million in state economic incentives.
The trucking industry scored a victory this week when Republican lawmakers effectively blocked Obama administration safety rules aimed at keeping tired truckers off the highway.
Celadon Group Inc. shares tumbled Thursday morning, a day after the Indianapolis-based trucking company reported a loss of $2.9 million, or 10 cents per share, in its latest quarter.