Peter J. Rose, Chairman and Chief Executive Officer of Expeditors International of Washington, Inc. (NASDAQ:EXPD), a global logistics company, today announced his retirement as the Company’s Chief Executive Officer effective March 1, 2014. Announcement of the next CEO is planned to coincide with a managers’ meeting held in January 2014 to celebrate the Company’s 35
anniversary. Rose is expected to remain as Chairman of the Board of Directors up until the annual meeting in May 2015. Much of Rose’s focus as chairman will be to assist the incoming CEO build relationships with investors, customers and other external stakeholders.
“I have been blessed and honored to have worked with such a great group of people, customers and carriers at Expeditors since 1981. We started with six offices, 20 people and $300,000 and became a company with nearly $6 billion of revenue, 188 full-service offices across six continents and more than 13,000 employees worldwide,” Rose said.
“We have enjoyed great success as a company based on the dedication of our people and the commitment to our cultural values. As we finalize arrangements for our 35
anniversary meeting, it is only natural to reminisce on how far we’ve come. I realized that I had just completed my 100
quarter as Expeditors’ CEO. That’s 25 years…a generation by some definitions,” Rose said. “While contemplating that thought, I became increasingly convinced that our employees, our customers, our service providers and, of course, our shareholders, need to know who the CEO for the next generation will be more than I need to continue doing a job I love. I discussed this matter with our Board of Directors and accordingly, today I am announcing plans for the Company’s future,” Rose said. “I look forward to working with the Board of Directors with our transition to a new CEO, who will be selected from a slate of well-qualified and experienced internal candidates. The new CEO will be one resolved to assuring we maintain our cultural values and focus on providing best-in-class service to customers around the globe so that our people and our shareholders enjoy even greater levels of success. The rest of my time will be spent mentoring and coaching the new CEO with the same dedication and commitment I’ve given to Expeditors since we founded the Company in 1981,” Rose concluded.
“The Board is immensely grateful for Rose’s dedication to Expeditors and leadership of decades of accomplishment. Rose has been at Expeditors for 32 years and it’s CEO for the past 25 years. His passion for the business has fueled much success for its shareholders, customers, carriers and employees,” said Robert Wright, Lead Independent Director.