News Briefs - Sept. 29
The Latest Headlines:
- Daimler’s Schrempp Resigns From NYSE Board
- Allied Receives $3 Million Settlement in Ryder Litigation
- Ferro Named CEO of Maryland Motor Truck Association
- Schneider Names Escott President of Logistics Unit
- Lundberg: Gasoline Falls 10 Cents in Two Weeks
- Global Insight Sees Growth for Freight Forwarders
- Allied Receives $3 Million Settlement in Ryder Litigation
Daimler’s Schrempp Resigns From NYSE Board
Juergen Schrempp, chairman and chief executive officer of DaimlerChrysler, left the board of the New York Stock Exchange, news services reported.Schrempp became the second director to leave the board, which has been under pressure to reform its governance practices since the disclosure of NYSE Chairman Dick Grasso's $187.5 million pay package sparked public condemnation.
He was a member of the compensation committee, and questioned the pay package Grasso received, the Associated Press reported Monday.
Allied Receives $3 Million Settlement in Ryder Litigation
Automobile carrier Allied Holdings Inc. said Monday it had received $3 million to settle litigation related to its 1997 acquisition of Ryder System Inc.'s automobile-transport unit.The company said in a release the payment included $1.4 million from Ryder and $1.6 million from a Ryder insurer. Allied said it would record a $1.9 million pretax gain on the settlement in the third quarter.
Allied is ranked No. 23 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Ryder is ranked No. 3. Transport Topics
Ferro Named CEO of Maryland Motor Truck Association
Anne Ferro has been named the chief executive officer of the Maryland Motor Truck Association, the Washington Post reported Monday.She had been administrator of the Maryland Motor Vehicle Administration.
Gov. Robert Ehrlich Jr. appointed David Hugel to succeed her, the Post said. Transport Topics
Schneider Names Escott President of Logistics Unit
Schneider National Inc. said Friday it had named Tom Escott as president of Schneider Logistics Inc.Escott was previously chief executive officer of GeoLogistics Americas Inc., Schneider said in a release. He was responsible for the international freight forwarding and logistics operations of the company in the United States, Canada and Latin America.
Schneider is ranked No. 7 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Lundberg: Gasoline Falls 10 Cents in Two Weeks
Retail gasoline prices declined more than 10 cents per gallon over the past two weeks, according to the Lundberg Survey of 8,000 stations nationwide.About one-third of commercial trucking uses gasoline.
The survey found the average price for a gallon of self-serve gas nationwide, including all grades and taxes, was about $1.65 on Friday. That was a decrease of 10.23 cents per gallon since the last survey Sept. 12, the biggest drop in two years
nalyst Trilby Lundberg said the drop was largely driven by an increase in supplies following shortages in August, the Associated Press reported. Also, the end of the summer driving season eased pressure on prices.
As of Friday, self-serve regular gasoline showed an average weighted price of $1.62 a gallon, with midgrade at $1.72 and premium at $1.81. Transport Topics
Global Insight Sees Growth for Freight Forwarders
Kenneth Kremar, a principal in Global Insight’s Industry Practices Group, predicted U.S. freight forwarding activity, which involves domestic and international shipments using more than 650,000 trucks as well as links with air and marine carriers would to grow 4% by year’s end.The freight forwarding industry is expected to continue growing by 5% in 2004 and an additional 4% in 2005, he told the National Truck Equipment Association’s 2004 Economic Outlook Conference Sept. 15.
Growth in the freight forwarding market “will create significant demand for Class 8 [heavy-duty] truck sales regardless of what happens in the other class ranges,” said Kremar.
NTEA said it represents about 1,500 companies that manufacture, distribute, install, sell and repair commercial trucks, truck bodies, truck equipment, trailers and accessories. Transport Topics
This story appeared in the Sept. 29 print edition of Transport Topics.
