A.M. Executive Briefing - Dec. 3
This Morning's Headlines:
ul>
Landstar Announces Share Purchase Program
The board of directors at Landstar System okayed the buyback of a maximum 1 million common shares. In addition, a total of 37,000 shares can still be bought back by the company under an earlier authorization. "The board of directors authorized this new stock repurchase program because it continues to believe the stock price is undervalued," said Chairman, President, and CEO Jeff Crowe. PR Newswire (12/02/99)Former IDOT Supervisor Sentenced In License-Selling Scandal
On Thursday, U.S. Judge Joan Gottschall sentenced 55-year-old onetime Illinois transportation supervisor William O'Connor, of Brookfield, to half a year in a halfway house, two months' confinement to his home, two years' probation, and 100 hours' community service.
Gotschall made O'Connor pay back taxes, interest, and penalties for the $3,960 worth of payments that he did not include in his tax filing. O'Connor's lawyer strove for leniency by saying O'Connor is now employed cleaning bathrooms and has lost his state pension. Associated Press (12/02/99)
USF Processors Announces Agreement With Value America
The top U.S. reverse-logistics company USF Processors has reached a deal to handle returns for the online retailer Value America. Value America's returns operations will be improved by the availability of USF Processors database information. USF Processors is a USFreightways Corp. subsidiary. Business Wire (12/02/99)Company President, Driver Plead Guilty To Federal Fraud Charges
Senn Freight Lines President Angus Daniel Senn Jr. and 47-year-old onetime driver Russel Elton Shields entered guilty pleas on charges of fraud for filing false documents at the U.S. Department of Transportation. Senn let Shields drive under a bogus license after Shields was stripped of his license in 1996. They face up to five years' imprisonment and $250,000 fines per count. Associated Press (12/02/99)CarrierPoint Names Kinsey President and Chief Executive Officer
The online marketplace CarrierPoint, which aims to bring together truckload shippers and carriers and offer other services at its www.carrierpoint.com Web site, has named Brian C. Kinsey to take John S. Thomson's place as president and CEO.Kinsey has held senior positions at Landstar System, Landstar Inway, and North American Van Lines. Thomson, founder and vice chairman of CarrierPoint, moves to the post of executive vice president and chief concept officer. PR Newswire (12/02/99)
Paccar.com Invests in PNV
Paccar.com and the trucking-industry Internet, cable, and telecommunications firm PNV have formed a strategic relationship, and in its initial public offering PNV has received a $10 million Paccar.com investment. PNV Chief Executive Officer Robert May said the agreement between the two firms "will assist PNV in leveraging our portal Web site to create additional marketing opportunities and our ISP service to expand our customer base."PACCAR, the manufacturer of Kenworth, Peterbilt, Foden, and DAF trucks, last month topped the Fast-Track 500 list of technologically innovative companies in PC Week magazine. Business Wire (12/02/99)
I-75 Tractor-Trailer Ban Expires
Wednesday saw an April 1998 truck ban on Interstate 75 in Kenton County, Ky., expire, weeks after the second of the two construction projects that sparked the ban was finished. Trucks had to use I-275 unless they were working within the I-275 loop.However, police officers such as Covington Assistant Police Chief Bill Dorsey wanted the Transportation Cabinet to extend the ban for good; now he fears an increase in accidents along a hill where the trucks were banned. In fact, the Tuesday jackknife of a truck on the hill shut down all but a single lane of northbound I-75 for close to 12 hours.
However, the trucking industry is glad the ban is over. Steve Henley, police chief in Fort Mitchell, is hopeful that the change in the formerly difficult curve along the interstate will reduce crashes.
Meanwhile, New Mexico trucker Gene Smith said he will stick with I-275 to avoid Cincinnati, where a width limit keeps trucks from going through the city between Interstates 75 and 71 on Fort Washington Way. Kentucky Post Online (12/02/99) ; Dias, Monica
© copyright 1999 INFORMATION, INC. Terms of Service
