Burns to step aside as Ryder president and COO: report

MIAMI (April 8) — After warning that profits would fall short of expectations, Ryder System Inc. plans to shake up its top management, the Wall Street Journal is reporting.

Ryder president, chairman, and COO M. Anthony Burns will remain as chairman but install a new president and chief operating officer, to whom the managers of Ryder’s three primary divisions will report, the newspaper reported.

The company said on Monday that first-quarter earnings would be lower than anticipated because of higher costs in its logistics unit and weak performance in the U.K. and Brazil. Since the start of the year, the company’s stock has fallen nearly 8%.

With annual revenue of $5.2 billion US and assets of $5.7 billion, Ryder does business in nine countries — the United States, Canada, Mexico, Argentina, Brazil, the United Kingdom, the Netherlands, Germany, and Poland.

Ryder’s three core businesses are Ryder Integrated Logistics, the largest third-party logistics company in North America; Ryder Transportation Services, the world’s largest truck leasing, rental, and maintenance operation; and Ryder Public Transportation Services, which provides transportation and management services to school districts, public transit agencies, and municipalities.

Ryder System sold its consumer truck rental division in October 1996, creating a new company named Ryder TRS.