Knight-Swift Transportation announced Kevin Knight has retired from his role as executive chairman, effective Wednesday.
Knight was a founder of Knight Transportation and served as the company’s CEO from 1994 to 2014. He played a key role in the company’s 2017 merger with fellow Phoenix-based truckload carrier Swift Transportation. Knight-Swift acquired Chattanooga, Tennessee-based TL carrier U.S. Xpress in 2023.
Knight-Swift (NYSE: KNX) is one of the nation’s largest diversified freight transportation providers, generating $7.5 billion in annual revenue from its TL, less-than-truckload, logistics and intermodal offerings.
“I am humbled when I reflect on what we have built together and where our company stands today,” said Knight in a Thursday news release. … “As I have been approaching this transition in recent years, I knew this bridge would have to be crossed at some point.
“For me, our merger with Knight and Swift was our greatest collective achievement. The reunification of the Swift and Knight families, combined with timing, diligence, operational improvements, and significant financial returns, enabled us to achieve everything that followed.”
David Vander Ploeg has been appointed Knight-Swift’s chairman. He most recently served as the board’s lead independent director. Vander Ploeg spent 24 years at Schneider National (NYSE: SNDR), serving as chief financial officer from 2004 until his 2007 departure.
Knight will serve as a consultant to Knight-Swift for a two-year period.
A separate filing with the Securities and Exchange Commission showed Knight will receive $20.3 million for his consulting services and for the forfeiture of unvested equity awards. Half of the fee is payable on June 12, with the remainder being paid in equal monthly installments over the next two years. The agreement also provides medical benefits.
“It cannot be overstated what Kevin has meant to our company, so many of our leaders, including myself, and so many more within our industry,” said Knight-Swift CEO Adam Miller. … “The culture Kevin helped instill which prioritizes safety, operational excellence, and financial discipline is deeply rooted and will continue to mark our efforts to take Knight-Swift to new heights.”
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