On Thursday, the Phoenix, Arizona based trucking company, Swift Transportation, announced that its Chief Executive and founder will be stepping down from his position.
Jerry Moyes has spent the past 50 years building one of the largest U.S. trucking companies.
Moyes expressed his gratitude to his team when announcing his retirement.
“I want to thank everyone at Swift for helping me build this great company over the last 50 years. Swift is a strong company, strategically well positioned for continued growth and success.”
Moyes, who followed in the footsteps of his trucker father, started the business in 1966 with only a single truck but turned it into an empire of nearly 20,000 trucks with $4 billion in yearly revenue.
But over the last year, The Wall Street Journal reported that Moyes had been in some hot water regarding the use of his shares in the company to pay off personal loans.
He used company shares for business ventures including an airline, real estate, and his co-ownership of the team, Phoenix Coyotes, and he was later sued for damages related to the team’s bankruptcy. By May, Moyes and his family had pledged 75% of his controlling stake in the company– worth nearly $700 million.
Until he retires on December 31st, Moyes will fill the role of co-CEO alongside chief operating officer, Richard Stocking. After Moyes steps down, Stocking will be the company’s only CEO and Moyes will serve as a director.
Hours after Moyes announced his retirement, Swift shares jumped 8.5% to $21.40.
