Dive Brief:
- David Millis, president of Millis Transfer, informed parent company Heartland Express that he’ll retire as of April 24, according to a securities filing.
- He’ll remain as a director with Heartland Express, and in connection with his retirement, he’ll receive compensation and benefits totaling nearly $67,000 and 4,866 shares of common stock.
- “The Company would like to thank Mr. Millis for his service and leadership to Millis Transfer during his tenure,” the filing said.
Dive Insight:
The Millis family began their business in 1936, and as a third-generation family member, David Millis has worked throughout the organization for over a half century. He was named president in 1992.
Other retirements recently announced included Mack Trucks President Stephen Roy and American Transportation Research Institute President and COO Rebecca Brewster.
Heartland acquired the dry van TL carrier in 2019. Unfavorable trucking conditions during recent years translated to net losses from Q1 2024 to the present, pending Q1 2026 results.
The company also took on debt to acquire Contract Freighters Inc. assets and Smith Transport in 2022 for $525 million, but Heartland expects to return to a debt-free balance sheet in 2027, CEO Mike Gerdin noted in February for the company’s Q4 earnings.
Given the changes, Heartland leadership expressed optimism about the organization’s future despite the challenging freight environment.
Meanwhile, the company moved last year to integrate and rebrand U.S.-based CFI operations into Heartland to further enhance performance.
