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For 2016, Knight reported an operating ratio-a measure of revenue versus expenses-of 85.3, up from 82.6 in 2015. Inc., an investment firm, said he was bullish on the deal because it combines Swift's scale in truckload and intermodal with Knight's history of strong operating performance and return on invested capital. Hartford, transport analyst for Robert W. Swift, with about 18,000 tractors, is the nation's largest trucking company based on fleet size.īenjamin J. The combined company will have about 28,000 employees. The fleet will consist of approximately 23,000 tractors and 77,000 trailers. The Knight-Swift deal creates a $5.1 billion transportation and logistics giant with footprints in dry van and refrigerated transport, dedicated contract carriage, cross-border Mexico and Canada operations, truck brokerage, and intermodal. Jerry Moyes took his namesake company private in 2007, and then took it public in 2010. During those intervals, he was executive vice president and president of Cooper Motor Lines Inc., a Swift subsidiary. Kevin Knight worked for Swift between 19, and again from 1986 to 1990. Randy Knight, another cousin of Kevin Knight, helped three members of the Moyes family, including Jerry, grow Swift's business to about $25 million by the mid-1980s before going on to co-found Knight Transportation. Moyes' continued involvement with the new entity reflects the companies' long, interlocking history. Moyes, 72, will serve as a non-employee senior advisor to Kevin Knight and Gary Knight, Kevin's cousin and one of four Knight family members who founded the company in 1990. If Moyes felt betrayed by Stocking, "the game was over," he said. Plus, he values loyalty highly," according to Larkin. "People often underestimate (Moyes') business savvy and his access to top-notch advisors. Stocking's departure resulted from a lost power struggle with Moyes, who still wields enormous influence, Larkin said. This didn't sit well with Moyes, Larkin said. Larkin, transport analyst for Stifel, an investment firm. However, Stocking immediately assumed all day-to-day responsibilities, effectively forcing Moyes out, according to John G.
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Last September, Stocking became co-CEO along with Swift Founder Jerry Moyes. At 46, Stocking was part of the next generation of trucking CEOs that is ready take over from their aging founders. The odd man out is Richard Stocking, the highly regarded Swift president and CEO, who will leave the company after the deal closes. Swift shareholders will own 54 percent of the shares in the new entity. The new board will be comprised of all current Knight directors and four current Swift directors.įrom an accounting standpoint, Knight will be considered the acquiring carrier. David Jackson, Knight's CEO, will assume the same role with the new entity, while Knight CFO Adam Miller will become the new company's CFO. Knight will also become president of the Swift operating entities. Kevin Knight, 60, who was Knight's CEO from 1993 to 2014 and has been its executive chairman since January 2015, will become executive chairman of Knight-Swift Transportation Holdings Inc., as the company will be known. However, economies of scale at the corporate level should generate pre-tax savings of $15 million in the second half of the year, and a combined $250 million in 20, Knight Transportation said in a statement. The companies will conduct their daily operations independently and will maintain separate brands, moves designed to avoid the difficult process of integrating and re-branding two such large firms. It is expected to close sometime in the third quarter. Knight said in a statement that certain unidentified shareholders have already voiced support for the deal. The Knight-Swift deal, which has been approved by both boards, is still subject to shareholders' approvals. The transaction is the largest trucking deal ever, doubling Greenwich, Conn.-based XPO Logistics Inc.'s $3 billion purchase of trucking and logistics firm Con-way Inc. in a $6 billion all-stock deal that creates the nation's biggest truckload company. Knight's company, Phoenix-based Knight Transportation Inc., made history today by merging with hometown rival Swift Transportation Co. Knight has become king of the truckload industry hill.