Marten Transport CEO Timothy Kohl retired on Sept. 30, according to a securities filing.
The former CEO is set to receive a lump sum payment of $620,000 as his severance payment, according to a securities filing from Sept. 30. He will also get a payment of the premiums for COBRA coverage for a period of up to 3 months following his retirement.
Executive Chairman Randolph Marten took over Kohl’s role as CEO on Oct. 1.
Marten has been with the company since 1974, per the filing. His previous roles include director, chief operating officer, president and VP. He also previously served as CEO from January 2005 to May 2021.
“We are very thankful to Tim for his tenure as CEO and previously as President with the Company since joining us in 2007,” Marten said in a press release. “He championed the Company’s transformation to a multifaceted business that led to a period of unprecedented growth, often during complex and challenging environments. It has been a privilege to work with Tim, and we wish him the best in his retirement.”
Marten Transport’s leadership changes coincide with reports the company is continuing to face pressure from oversupply and weak demand caused by the ongoing freight market recession. The company also recently entered into a deal to sell its reefer intermodal offerings to Hub Group
Marten is focused on “minimizing the freight market’s impact — and the impact of the U.S. and global economies with the current trade policy volatility — while investing in and positioning our operations to capitalize on profitable organic growth opportunities,” according to a July 16 earnings press release.
Editor's note: This story was updated to include new details surrounding Kohl's severance package.
