{"id":473231,"date":"2021-04-07T16:18:27","date_gmt":"2021-04-07T20:18:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=473231"},"modified":"2021-04-07T16:18:27","modified_gmt":"2021-04-07T20:18:27","slug":"covenant-logistics-group-announces-continued-evolution-of-leadership-team","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/covenant-logistics-group-announces-continued-evolution-of-leadership-team\/","title":{"rendered":"Covenant Logistics Group Announces Continued Evolution of Leadership Team"},"content":{"rendered":"
\n

CHATTANOOGA, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — Covenant Logistics Group, Inc. (NASDAQ\/GS: CVLG) (\u201cCovenant\u201d) announced today key changes to the executive leadership team.<\/p>\n

Chairman and Chief Executive Officer, David R. Parker, commented: \u201cBased on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team. We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution. To this end, I am excited to announce the creation of the Office of the CEO. I will remain Chairman and CEO, Joey Hogan will be President and Paul Bunn has been promoted to Senior Executive Vice President and Chief Operating Officer, both reporting to me.<\/p>\n

Paul Bunn will assume daily responsibility for all operations, sales and operational improvement of Covenant. He has been with the company for 12 years and has excelled as a leader within the financial and administrative side of Covenant, particularly leading the due diligence and transition team for the Landair acquisition. The respect and relationships already built with the sales and operations teams will allow a quick and seamless transition for Paul, keeping our team focused on our strategic plan.<\/p>\n

Joey Hogan will continue focusing on mentoring our leadership team while leading the financial and administrative side of Covenant. During his almost 24 years at Covenant, Joey has led where needed and has accumulated much experience in many areas. Joey will become our Principal Financial Officer.<\/p>\n

John Tweed will step back from the Co-President position and transition to a short-term consulting role effective July 3, 2021. He will continue to focus on improving legacy dedicated contracts, expanding the Warehousing segment, and refining our new FP&A process, as well as providing support and leadership to the next generation of leaders in sales and operations.<\/p>\n

I appreciate the full support of Joey, John, Paul and our Board in facilitating this change and preparing Covenant for the next step in generating sustained excellence.\u201d<\/p>\n

Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset- based expedited, dedicated, and irregular route truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry. Covenant’s Class A common stock is traded on the NASDAQ Global Select market under the symbol, \u201cCVLG.\u201d<\/p>\n

\n This<\/em>
\n press<\/em>
\n release<\/em>
\n contains<\/em>
\n certain<\/em>
\n statements<\/em>
\n that<\/em>
\n may<\/em>
\n be<\/em>
\n considered<\/em>
\n forward-looking<\/em>
\n statements<\/em>
\n within<\/em>
\n the<\/em>
\n meaning<\/em>
\n of<\/em>
\n Section<\/em>
\n 27A<\/em>
\n of<\/em>
\n the<\/em>
\n Securities<\/em>
\n Act<\/em>
\n of<\/em>
\n 1933,<\/em>
\n as<\/em>
\n amended, and<\/em>
\n Section<\/em>
\n 21E<\/em>
\n of<\/em>
\n the<\/em>
\n Securities<\/em>
\n Exchange<\/em>
\n Act<\/em>
\n of<\/em>
\n 1934,<\/em>
\n as<\/em>
\n amended, and such statements are subject to the safe harbor created by those sections and the Private Securities<\/em>
\n Litigation Reform Act of 1995, as amended.<\/em>
\n Such statements may be identified by their use of terms or phrases such<\/em>
\n as<\/em>
\n \u201cexpects,\u201d<\/em>
\n \u201cestimates,\u201d<\/em>
\n \u201cprojects,\u201d<\/em>
\n \u201cbelieves,\u201d<\/em>
\n \u201canticipates,\u201d<\/em>
\n \u201cplans,\u201d<\/em>
\n \u201ccould,\u201d<\/em>
\n \u201cwould,\u201d<\/em>
\n \u201cmay,\u201d<\/em>
\n \u201cwill,\u201d\u00a0<\/em>
\n “intends,”<\/em>
\n \u201coutlook,\u201d<\/em>
\n \u201cfocus,\u201d<\/em>
\n \u201cseek,\u201d<\/em>
\n \u201cpotential,\u201d<\/em>
\n \u201cmission,\u201d<\/em>
\n \u201ccontinue,\u201d<\/em>
\n \u201cgoal,\u201d<\/em>
\n \u201ctarget,\u201d<\/em>
\n \u201cobjective,\u201d<\/em>
\n derivations thereof, and similar terms and phrases.<\/em>
\n Forward-looking statements are based upon the current beliefs<\/em>
\n and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be<\/em>
\n predicted<\/em>
\n or<\/em>
\n quantified,<\/em>
\n which<\/em>
\n could<\/em>
\n cause<\/em>
\n future<\/em>
\n events<\/em>
\n and<\/em>
\n actual<\/em>
\n results<\/em>
\n to<\/em>
\n differ<\/em>
\n materially<\/em>
\n from<\/em>
\n those<\/em>
\n set<\/em>
\n forth<\/em>
\n in,<\/em>
\n contemplated by, or underlying the forward-looking statements.<\/em>
\n In this press release, the statements relating to<\/em>
\n expectations for our realigned management team and our ability to execute our strategic plan are forward-looking<\/em>
\n statements. The following factors, among others could cause actual results to differ materially from those in the<\/em>
\n forward-looking statements: elevated experience in the frequency and severity of claims relating to accident, cargo,<\/em>
\n workers’ compensation, health, and other claims, increased insurance premiums, erosion of available limits in our<\/em>
\n aggregate insurance policies and additional expenses to reinstate insurance policies due to liability claims, higher<\/em>
\n self-insured<\/em>
\n retentions,<\/em>
\n reduced<\/em>
\n insurance<\/em>
\n coverage,<\/em>
\n fluctuations<\/em>
\n in<\/em>
\n claims<\/em>
\n expenses<\/em>
\n that<\/em>
\n result<\/em>
\n from<\/em>
\n our<\/em>
\n self-insured<\/em>
\n retention<\/em>
\n amounts,<\/em>
\n including<\/em>
\n in<\/em>
\n our<\/em>
\n excess<\/em>
\n layers<\/em>
\n and<\/em>
\n in<\/em>
\n respect<\/em>
\n of<\/em>
\n claims<\/em>
\n for<\/em>
\n which<\/em>
\n we<\/em>
\n commute<\/em>
\n policy<\/em>
\n coverage,<\/em>
\n and<\/em>
\n the requirement that we pay additional premiums if there are claims in certain of those layers, differences between<\/em>
\n estimates used in establishing and adjusting claims reserves and actual results over time, adverse changes in claims<\/em>
\n experience and loss development factors, or additional changes in management’s estimates of liability based upon<\/em>
\n such<\/em>
\n experience<\/em>
\n and<\/em>
\n development<\/em>
\n factors<\/em>
\n that<\/em>
\n cause<\/em>
\n our<\/em>
\n expectations<\/em>
\n of<\/em>
\n insurance<\/em>
\n and<\/em>
\n claims<\/em>
\n expense<\/em>
\n to<\/em>
\n be<\/em>
\n inaccurate<\/em>
\n or<\/em>
\n otherwise<\/em>
\n impacts<\/em>
\n our<\/em>
\n results;<\/em>
\n government<\/em>
\n regulations<\/em>
\n imposed<\/em>
\n on<\/em>
\n our<\/em>
\n captive<\/em>
\n insurance<\/em>
\n companies;<\/em>
\n changes<\/em>
\n in t<\/em>
\n he market condition for used revenue equipment and real estate that impact our capital expenditures and our ability<\/em>
\n to dispose of revenue equipment and real estate on the schedule and for the prices we expect; increases in the prices<\/em>
\n paid<\/em>
\n for<\/em>
\n new<\/em>
\n revenue<\/em>
\n equipment<\/em>
\n that<\/em>
\n impact<\/em>
\n our<\/em>
\n capital<\/em>
\n expenditures<\/em>
\n and<\/em>
\n our<\/em>
\n results<\/em>
\n generally;<\/em>
\n changes<\/em>
\n in<\/em>
\n management\u2019s estimates of the need for new tractors and trailers; the effect of any reduction in tractor purchases on<\/em>
\n the number of tractors that will be accepted by manufacturers under tradeback arrangements; our inability to generate<\/em>
\n sufficient cash from operations and obtain financing on favorable terms to meet our significant ongoing capital<\/em>
\n requirements;<\/em>
\n our<\/em>
\n ability<\/em>
\n to<\/em>
\n respond<\/em>
\n to<\/em>
\n changes<\/em>
\n in<\/em>
\n our<\/em>
\n industry<\/em>
\n or<\/em>
\n business<\/em>
\n in<\/em>
\n light<\/em>
\n of<\/em>
\n our<\/em>
\n indebtedness<\/em>
\n and<\/em>
\n operating<\/em>
\n lease obligations; our ability to improve profitability in the future; our ability to maintain compliance with the<\/em>
\n provisions of our credit agreements, particularly financial covenants in our revolving credit facility; excess tractor<\/em>
\n or trailer capacity in the trucking industry; decreased demand for our services or loss of one or more of our major<\/em>
\n customers; our ability to renew Dedicated service offering contracts on the terms and schedule we expect; surplus<\/em>
\n inventories,<\/em>
\n recessionary<\/em>
\n economic<\/em>
\n cycles,<\/em>
\n and<\/em>
\n downturns<\/em>
\n in<\/em>
\n customers’<\/em>
\n business<\/em>
\n cycles;<\/em>
\n strikes,<\/em>
\n work<\/em>
\n slowdowns,<\/em>
\n or<\/em>
\n work stoppages at the Company, customers, ports, or other shipping related facilities; armed conflicts or terrorist<\/em>
\n attacks; deterioration of U.S. transportation infrastructure and reduced investment in such infrastructure; increases<\/em>
\n or rapid fluctuations in fuel prices, as well as fluctuations in hedging activities and surcharge collection, including,<\/em>
\n but not limited to, changes in customer fuel surcharge policies and increases in fuel surcharge bases by customers;<\/em>
\n the volume and terms of diesel purchase commitments and hedging contracts; increases in compensation for and<\/em>
\n difficulty in attracting and retaining qualified drivers and independent contractors; our ability to retain our key<\/em>
\n employees;<\/em>
\n the<\/em>
\n risks<\/em>
\n associated<\/em>
\n with<\/em>
\n engaging<\/em>
\n independent<\/em>
\n contractors<\/em>
\n to<\/em>
\n provide<\/em>
\n a<\/em>
\n portion<\/em>
\n of<\/em>
\n our<\/em>
\n capacity;<\/em>
\n seasonal<\/em>
\n factors<\/em>
\n such<\/em>
\n as<\/em>
\n harsh<\/em>
\n weather<\/em>
\n conditions<\/em>
\n that<\/em>
\n increase<\/em>
\n operating<\/em>
\n costs;<\/em>
\n competition<\/em>
\n from<\/em>
\n trucking,<\/em>
\n rail,<\/em>
\n and<\/em>
\n intermodal competitors; our dependence on third-party providers, particularly in our Managed Freight segment;<\/em>
\n regulatory<\/em>
\n requirements<\/em>
\n that<\/em>
\n increase<\/em>
\n costs,<\/em>
\n decrease<\/em>
\n efficiency,<\/em>
\n or<\/em>
\n impact<\/em>
\n the<\/em>
\n availability<\/em>
\n or<\/em>
\n effective<\/em>
\n driving<\/em>
\n time<\/em>
\n of<\/em>
\n our<\/em>
\n drivers<\/em>
\n and<\/em>
\n other<\/em>
\n drivers<\/em>
\n in<\/em>
\n the<\/em>
\n industry,<\/em>
\n including<\/em>
\n the<\/em>
\n terms<\/em>
\n and<\/em>
\n exemptions<\/em>
\n from<\/em>
\n hours-of-service<\/em>
\n and<\/em>
\n electronic<\/em>
\n log<\/em>
\n requirements<\/em>
\n for<\/em>
\n drivers<\/em>
\n and<\/em>
\n the<\/em>
\n Federal<\/em>
\n Motor<\/em>
\n Carrier<\/em>
\n Safety<\/em>
\n Administration\u2019s<\/em>
\n Compliance,<\/em>
\n Safety,<\/em>
\n Accountability program applicable to driver standards and the methodology for determining a carrier\u2019s Department<\/em>
\n of Transportation safety rating; compliance with environmental laws and regulations; developments in labor and<\/em>
\n employment<\/em>
\n law;<\/em>
\n changes<\/em>
\n to<\/em>
\n trade<\/em>
\n regulation,<\/em>
\n quotas,<\/em>
\n duties,<\/em>
\n or<\/em>
\n tariffs;<\/em>
\n the<\/em>
\n proper<\/em>
\n functioning<\/em>
\n and<\/em>
\n availability<\/em>
\n of<\/em>
\n our<\/em>
\n management<\/em>
\n information<\/em>
\n and<\/em>
\n communication<\/em>
\n systems<\/em>
\n and<\/em>
\n other<\/em>
\n information<\/em>
\n technology<\/em>
\n assets;<\/em>
\n volatility<\/em>
\n of<\/em>
\n our<\/em>
\n stock<\/em>
\n price; impairment of goodwill and other intangible assets; future outcomes of litigation; the ability to reduce, or<\/em>
\n control<\/em>
\n increases<\/em>
\n in,<\/em>
\n operating<\/em>
\n costs;<\/em>
\n changes<\/em>
\n in<\/em>
\n the<\/em>
\n Company\u2019s<\/em>
\n business<\/em>
\n strategy<\/em>
\n that<\/em>
\n require<\/em>
\n the<\/em>
\n acquisition<\/em>
\n of<\/em>
\n new<\/em>
\n businesses,<\/em>
\n the<\/em>
\n disposition<\/em>
\n of<\/em>
\n businesses,<\/em>
\n and<\/em>
\n the<\/em>
\n ability<\/em>
\n to<\/em>
\n identify<\/em>
\n acceptable<\/em>
\n acquisition<\/em>
\n candidates<\/em>
\n and<\/em>
\n appropriate<\/em>
\n assets or businesses to be disposed, consummate acquisitions and dispositions, and integrate acquired operations;<\/em>
\n our ability to achieve our strategic plan; fluctuations in the results of Transport Enterprise Leasing, which are<\/em>
\n included as equity in income (loss) of affiliate in our financial statements; additional charges in connection with the<\/em>
\n disposition of substantially all of the operations and assets of TFS; our Chairman of the Board and Chief Executive<\/em>
\n Officer<\/em>
\n and<\/em>
\n his<\/em>
\n wife<\/em>
\n control<\/em>
\n a<\/em>
\n large<\/em>
\n portion<\/em>
\n of<\/em>
\n our<\/em>
\n stock<\/em>
\n and<\/em>
\n have<\/em>
\n substantial<\/em>
\n control<\/em>
\n over<\/em>
\n us,<\/em>
\n which<\/em>
\n could<\/em>
\n limit<\/em>
\n other<\/em>
\n stockholders’ ability to influence the outcome of key transactions, including changes of control; provisions in our<\/em>
\n charter documents or Nevada law which may inhibit a takeover and could limit the price of our stock; failure to<\/em>
\n maintain effective internal controls over financial reporting; future share repurchases, if any; and the impact of the<\/em>
\n recent<\/em>
\n coronavirus<\/em>
\n outbreak<\/em>
\n or<\/em>
\n other<\/em>
\n similar<\/em>
\n outbreaks.<\/em>
\n Readers<\/em>
\n should<\/em>
\n review<\/em>
\n and<\/em>
\n consider<\/em>
\n these<\/em>
\n factors<\/em>
\n along<\/em>
\n with\u00a0<\/em>
\n the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and<\/em>
\n Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect<\/em>
\n actual<\/em>
\n results<\/em>
\n or<\/em>
\n changes<\/em>
\n in<\/em>
\n the<\/em>
\n factors<\/em>
\n affecting the forward-looking<\/em>
\n information.<\/em>\n <\/p>\n

For further information contact:
Joey Hogan, President
JHogan@covenantlogistics.com<\/u><\/a><\/p>\n

Tripp Grant, Chief Accounting Officer
TGrant@covenantlogistics.com<\/u><\/a><\/p>\n

For copies of Company information contact:
Brooke McKenzie, Executive Administrative Assistant
BMcKenzie@covenantlogistics.com<\/a><\/u><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

CHATTANOOGA, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — Covenant Logistics Group, Inc. (NASDAQ\/GS: CVLG) (\u201cCovenant\u201d) announced today key changes to the executive leadership team. Chairman and Chief Executive Officer, David R. Parker, commented: \u201cBased on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team. We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution. To this end, I am excited to announce the creation of the Office of the CEO. I will remain Chairman and CEO, Joey Hogan will be President and Paul Bunn has been promoted to Senior Executive Vice President and … <\/p>\n

Continue reading “Covenant Logistics Group Announces Continued Evolution of Leadership Team”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-473231","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCovenant Logistics Group Announces Continued Evolution of Leadership Team - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/covenant-logistics-group-announces-continued-evolution-of-leadership-team\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covenant Logistics Group Announces Continued Evolution of Leadership Team - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CHATTANOOGA, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — Covenant Logistics Group, Inc. (NASDAQ\/GS: CVLG) (\u201cCovenant\u201d) announced today key changes to the executive leadership team. Chairman and Chief Executive Officer, David R. Parker, commented: \u201cBased on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team. We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution. To this end, I am excited to announce the creation of the Office of the CEO. 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(NASDAQ\/GS: CVLG) (\u201cCovenant\u201d) announced today key changes to the executive leadership team. Chairman and Chief Executive Officer, David R. Parker, commented: \u201cBased on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team. We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution. To this end, I am excited to announce the creation of the Office of the CEO. 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