Frozen Food Express Industries, Inc. Announces Retirement Of Chief Executive Officer
DALLAS, Feb. 23, 2011 (GLOBE NEWSWIRE) -- Frozen Food Express Industries, Inc. (Nasdaq:FFEX) announced today that Stoney M. "Mit" Stubbs, Jr. has retired as Chief Executive Officer (CEO) effective at the end of day Monday February 28, 2011, after twenty seven years as CEO and Chairman of the Board. Mr. Stubbs will remain on the company's Board of Directors, continuing his role as Chairman of the Board. Mr. Stubbs will be replaced as Chief Executive Officer by S. Russell Stubbs, who will also retain his position as President of the company. Mr. Russell Stubbs has been with the company since 1986, most recently serving as President since January, 2010.
Stoney "Mit" Stubbs, Jr. began his professional career with Frozen Food Express Industries, Inc. ("FFE") as a management trainee in 1960, after his graduation from Texas A&M and service in the U.S. Army. Over the next two decades, Mr. Stubbs, Jr. earned increasing responsibility within the company, ultimately earning the role of President of the corporation in 1979. In 1984 he was elevated to the roles of Chairman of the Board, President, and Chief Executive Officer.
Mr. Stubbs, Jr. oversaw the corporation during a period of dramatic growth, through acquisitions of carriers such as Lisa Motor Lines, Middleton Transportation and American Eagle Lines in the 1980s. By 1991, FFE was the nation's largest publicly owned, nationwide full-service motor carrier of perishable commodities. In 1992, FFE made Forbes' list of the 200 best small companies in America, which attracted serious interest from Wall Street investors for the first time. From 1984, when Mr. Stubbs, Jr. was elected Chairman and CEO, until 2005, the company grew from $64 million in annual revenue to over a half billion dollars in 2005.In addition to his work at FFE, Mr. Stubbs, Jr. has been a leader in the transportation industry. In 1995 he served as Chairman of the Texas Motor Transportation Association and in 1996 he also served as Chairman of the Truckload Carriers Association, both of which he serves today on the Executive Committee. Mr. Stubbs, Jr. also continues to serve on the American Trucking Association's Executive Committee.
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