JB Reed/Bloomberg News
Ryder System Inc.’s board said it has approved the repurchase of up to 2 million shares of its common stock.
The truck leasing company said the buyback is to help offset the dilutive effect of shares issued under its employee compensation plans.
Ryder said it anticipates starting the repurchases in early 2014. The company had 53.1 million outstanding shares as of Nov. 30.
The company’s Supply Chain Solutions unit ranks No. 10 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada.