- After about nine years in the position
- Praise and good wishes for Gattoni
- Frank Lonegro taking over
- Gattoni kept it short and said 42 words
(exechange) — Jacksonville, Florida, December 4, 2023 — Jim Gattoni, chief executive of Landstar, leaves his position. As announced by Landstar System Inc. in a news release on Monday, December 4, 2023, James B. (Jim) Gattoni leaves his post as chief executive officer at the freight broker, after about nine years in the role, effective February 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Jim Gattoni’s duties as CEO will be taken over by Frank A. Lonegro, currently Chief Financial Officer at Beacon Building Products.
The fact that Jim Gattoni’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Landstar did not explicitly explain the reason for the move.
Precise information regarding Jim Gattoni’s future plans was not immediately available.
Landstar said: “James B. Gattoni, who currently serves as President and CEO, will continue to serve in that role through the date of the Company’s 2023 fourth quarter earnings release conference call, currently scheduled for February 1, 2024, following which he will be transitioning to the role of Special Advisor to the CEO before his anticipated retirement in July 2024.”
Share price increase since December 2018
The announcement follows an increase in Landstar System Inc.’s share price of 62% since December 2018.
In the position of CEO since 2014
Jim Gattoni became CEO of the Company in 2014.
Gattoni was appointed as a Director of the Company by the Board on January 29, 2015, and, subsequently, was elected by the Company’s stockholders at the 2015 Annual Meeting as a Class I Director.
Gattoni has been President and Chief Executive Officer of the Company since December 29, 2014, the first business day of the Company’s 2015 fiscal year.
From November 2, 2020 until May 24, 2021, Gattoni also served as the Company’s interim principal financial officer after the departure of the Company’s prior CFO.
Gattoni was President and Chief Financial Officer of the Company from January 2014 to December 28, 2014.
Gattoni was Executive Vice President and Chief Financial Officer from January 2013 to January 2014.
Gattoni was Vice President and Chief Financial Officer of the Company from April 2007 to January 2013.
Gattoni was Vice President and Co-Chief Financial Officer of the Company from January 2007 to April 2007.
He was Vice President and Corporate Controller of Landstar System Holdings, Inc. (“LSHI”) from July 2000 to January 2007.
He was Corporate Controller of LSHI from November 1995 until July 2000.
He is also an officer or director of each of the Company’s subsidiaries and is a trustee of the Landstar Scholarship Fund.
Prior to joining the Company, Gattoni was a certified public accountant in audit with KPMG for approximately eight years.
42 words by Jim Gattoni
In the release announcing his departure as CEO of Landstar System Inc., Jim Gattoni received praise and good wishes.
In announcing his departure, Jim Gattoni kept it short and said 42 words.
“Continue to drive our growth”
Jim Gattoni stated: “Frank is an experienced, solutions-oriented leader. He understands the fast-paced freight transportation industry, the critical importance of a safety-first culture and our commitment to the long-term success of Landstar agents, BCOs and other third-party capacity providers to continue to drive our growth.”
Push-out Score for Jim Gattoni’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jim Gattoni was pushed out or felt pressure to leave his position.
exechange reached out to Landstar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2023 ($).