Rose to retire from Expeditors in March
Peter Rose, the longtime chief executive officer of Expeditors International of Washington, has announced he will retire in March.
His successor, who will be chosen among internal candidates, will be appointed during a managers’ meeting in January to be held in conjunction with the firm’s 35th anniversary.
Rose has worked at Expeditors since 1981 and served as CEO for 25 years. He will keep his position as board chairman until the summer of 2015 to help the new CEO transition into the position.
In a statement, Rose said Expeditors needs a CEO for the next generation.
“I look forward to working with the board of directors with our transition to a new CEO, who will be selected from a slate of well-qualified and experienced internal candidates,” he stated. “The new CEO will be one resolved to assuring we maintain our cultural values and focus on providing best-in-class service to customers around the globe so that our people and our shareholders enjoy even greater levels of success.
The company’s Robert Wright said Expeditors has a “deep bench” of leaders from which to select the next CEO.
“It makes sense for the company to look there as we begin the succession plan process," Wright stated.
In an investor note, Nate Brochmann of William Blair wrote that a smooth transition between leaders is expected, particularly since the new CEO will have had worked under Rose for a number of years and will undoubtedly share his values and corporate outlook.
“In addition to maintaining Expeditors' entrepreneurial culture,” Brochmann wrote, “we are hopeful the new CEO will continue to guide the company toward further building out newer value-added services across the globe.”
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