Landstar System said May 22 that Diana Murphy has been named nonexecutive chairman of the board, effective May 19, and that it raised to 3 million the amount of its stock shares it intends to purchase.
Murphy, who joined the board in 1998 and has served as its lead director since May 2012, “has been a valuable member of Landstar’s board for over 17 years,” CEO Jim Gattoni said in a statement.
Landstar has purchased about 1.3 million shares of its common stock at a cost of about $86.4 million this year, Gattoni said.
“We continue to return value to our stockholders through our share purchase programs and plan to be opportunistic in the market going forward,” he said.
Separately, truckload carrier P.A.M. Transportation Services on May 22 announced the start of a modified “Dutch auction” tender offer to purchase up to 80,000 shares, or about 1.1%, of its outstanding common stock.
The offer will expire June 22, unless extended or withdrawn, P.A.M. said, adding that its board determined that it is in the company’s best interest to repurchase shares now, given P.A.M.’s cash position and stock price.
Landstar ranks No. 10 and P.A.M. is No. 63 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.