This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Expeditors CEO Peter Rose Announces Retirement

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 th 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 th anniversary meeting, it is only natural to reminisce on how far we’ve come. I realized that I had just completed my 100 th 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.

Stock quotes in this article: EXPD 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs