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Werner Enterprises founder Clarence L. Werner has stepped down from his role as executive chairman, the company announced June 2.
Werner will continue to serve as chairman of the board of directors through the end of his current term, which is set to expire at the end of May 2021. The company also announced that CEO and President Derek Leathers was appointed by the board as a member and vice chairman of the board of directors.
The moves were effective as of May 31.
Werner recommended that at the end of his term Leathers be named chairman of the board, in addition to his company leadership roles. Werner is expected to become chairman emeritus once his term is over.
In connection with this transition, the company announced an underwritten public offering of 12.8 million shares of its common stock by the Clarence L. Werner Revocable Trust. Clarence Werner is the grantor and sole trustee of the trust.
The trust is also expected to grant the underwriter of the offering a 30-day option to purchase up to an additional nearly 1.3 million shares of common stock. Morgan Stanley is acting as the sole underwriter of the offering.
The company is not selling shares of common stock in the offering and will not receive any proceeds from it by the selling shareholder. The company has filed a registration statement with the Securities and Exchange Commission for the offering. — Transport Topics
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