Central Freight Lines is calling it: Jerry Moyes, the founder of Swift Transportation, is now serving as the interim president and CEO of CFL. This comes after a kerfuffle period of executives being shuffled around to see whom would best fit the position. The less-than-truckload carrier company CFL has been around for nearly a century and is HQ’d in Waco Texas. Steve Vonda will return, but not as a mere CFL exec. He will make his grand re-entry after leaving in May as the CEO to tap in for Moyes and ultimately pick up the mantle from Michael Brennan. For now, Moyes is going to optimize “current LTL services while expanding product offerings to deliver more for CFL customers.” Moyes went on to express his genuine excitement to take precedence over “the opportunities we have before us,” Moyes said. The Swift Man is in a good standing as far as it looks from here. CFL received $10 million through the U.S. Small Business Administration’s Paycheck Protection Program (PPP).
Loans are forgivable through the PPP thanks to the $350 billion invested in the CARES Act, signed into law by President Trump. This was way back in late March and renewed in April with a cool $320 billion to boot!
CFL’s former president had no choice but to slash employee compensation. This was because of how the pandemic of COVID-19 spread quick in early April.
According to the Federal Motor Carrier Safety Administration SAFER site, Central Freight Liner has their bases covered. CFL has 1,651 power units and 1,175 drivers at their disposal.
So How Will Swift’s Big Guy Make Changes?
He’s likely to maintain a focus on LTL services. This is all in the effort of expanding product offerings to deliver more for the benefit of CFL customers. Surely, he’ll do a great job at that.