Robert E. Sanchez, Ryder System’s current president and chief operating officer, will assume the role of executive chairman on Jan. 1, as a transition to replace retiring Chairman and Chief Executive Officer Gregory T. Swienton, who is stepping down at the company’s annual shareholders meeting in May.
Sanchez will become the new chairman and CEO at the meeting, with Swienton serving as an advisor for an undisclosed period during his retirement.
“Over the past 14 calendar years, I’ve had the good fortune to work with our Ryder team to truly make a positive difference for our shareholders, customers and the communities we serve. The initiatives and changes we’ve made over time in all aspects of our business model and culture will serve as a solid foundation in the years ahead,” Swienton said in a statement. “Our organization can take great pride in the consistent progress we’ve made, the results we’ve delivered, and the even brighter future we’ve created.”
Swienton, a 13-year company veteran, became Ryder’s CEO in 2000 and was elected chairman of the board in 2002. Sanchez has worked in operations, finance and information technology leadership positions in the company for the past 19 years. He formerly worked at Florida Power and Light, and Pratt & Whitney Aircraft.
“We sincerely thank Greg Swienton for leading Ryder to an improved sustainable business model, significantly enhanced financial performance, and an organization-wide commitment to business integrity,” E. Follin Smith, the lead independent director of Ryder’s board, said in a statement. “With this foundation in place, Ryder is well positioned to achieve a smooth and effective transition of the chairman and chief executive officer role to Robert Sanchez, who is ideally qualified to lead the continued progress and profitable growth of Ryder’s global organization.” - Jon Ross