Roadrunner Transportation Systems Inc. announced the selection of Curtis Stoelting as its new president.
Stoelting, who was CEO at TOMY International/RC2 Corp., takes the title previously held by Mark DiBlasi, who will continue as Roadrunner's CEO. Stoelting also will serve as Roadrunner's chief operating officer, replacing Brian van Helden.
Roadrunner's earnings sagged 10% over the first three quarters of 2015. Shares of the company, which is based in Cudahy, Wisconsin, have lost nearly two-thirds of their value over the past 12 months.
Stoelting spent 17 years at toy company RC2 and 12 years at accounting and consulting firm Arthur Andersen.
“Curt brings a significant amount of financial, operational and business experience to Roadrunner,” DiBlasi said in a statement that noted Stoelting will manage and oversee the company’s truckload logistics, less-than-truckload and global logistics businesses. “Curt is a high-energy individual with significant analytical capabilities, strategic vision and a proven record of overcoming adversity in a very competitive and ever-changing industry.”
“We were looking for the right person and set of skills,” DiBlasi added, and not necessarily someone with a transportation background. “Curt is very experienced at working in a tough industry.”
Stoelting also will “look at the company with a little different perspective, and he may see some things to improve,” DiBlasi added.
DiBlasi told Transport Topics that Stoelting is joining Roadrunner at a time when its strategy is shifting.
“We are not looking for new services,” DiBlasi said. “We are now adding density to the platform of services we have built.”
Roadrunner over the past 10 years has focused on acquisitions to add truckload, logistics and global services to its initial presence in the LTL business. During that decade, the company grew to top $2 billion in annual revenue, compared with $150 million in 2005.
However, last year the company made just one acquisition. It will focus going forward on tuck-in acquisitions to complement existing services instead of buying other companies to enter a sector of transport or logistics.
While Stoelting was at RC2, the Illinois-based company increased annual revenue to $430 million from $20 million, according to Roadrunner's statement. He developed a business strategy and was responsible for logistics and global infrastructure as well as other duties at RC2, which was acquired by TOMY in 2011.
Stoelting also was hired as part of Roadrunner’s succession planning, said DiBlasi, who has been Roadrunner's CEO since 2006.
“These are challenging times, and I believe my background and experience support the company’s strategic plan and focus,” Stoelting said.