C.H. Robinson Worldwide’s CHRW search for a chief executive officer or CEO has reportedly ended. The transportation company has been on the lookout for a permanent CEO, ever since Bob Biesterfeld stepped down on Dec 31, 2022.
Scott Anderson has been serving as the interim CEO of the United States’ largest freight broker since Jan 1. According to people familiar with the matter, CHRW will have a permanent CEO soon and has chosen David Bozeman for the top position.
Bozeman is currently serving as the vice president of the customer services division and enthusiast brands at Ford Motor Company F. Apart from his current role, Bozeman is widely experienced, having been associated with many companies in various capacities.
The update comes as a surprise. Per earlier reports, Jim Barber, a former executive of United Parcel Service UPS, was the frontrunner for the CEO’s post at CHRW.
Whatever the final announcement from CHRW regarding this issue maybe, the company hopes that the new CEO will be able to pull it out of the current troubles induced by weak freight demand. Evidently, shares of CHRW have plunged 15.1% in a year. The industry to which CHRW belongs has declined 9% in the same timeframe.
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Zacks Rank and Stocks to Consider
Currently, C.H. Robinson carries a Zacks Rank #3 (Hold).
A better-ranked stock for investors interested in the Zacks Transportation sector is Copa Holdings CPA.
Copa Holdings, which presently sports a Zacks Rank #1 (Strong Buy), is aided by improved air-travel demand. We are encouraged by the company’s initiatives to modernize its fleet. CPA's focus on its cargo segment is also impressive. You can see the complete list of today’s Zacks #1 Rank stocks here.
For second-quarter and 2023, CPA’s earnings are expected to register 765.6% and 75.4% growth, respectively, on a year-over-year basis.
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