executive changes

Cummins names Jennifer Rumsey as CEO to succeed Tom Linebarger

Portrait of new Cummins' CEO Jennifer Rumsey

Jennifer Rumsey will succeed Tom Linebarger as CEO of Cummins Inc. next month. She is the first female and only the seventh CEO in the engine maker and power distribution company’s 103-year history.

“I am the right leader for Cummins at this time,” Rumsey said in a news conference with Linebarger on Thursday. “I believe that my life and leadership has led me to this moment in time.”

It is a big job. Founded in 1919, Cummins (NYSE: CMI) produces diesel, natural gas, electric and hybrid powertrains...

https://www.freightwaves.com/news/rumsey-succeeds-linebarger-as-ceo-at-cummins

Truck Tech: Startup strategies edition

Truck Tech logo on blue background

The ongoing shake-up at TuSimple suggests a co-founder’s impatience. Hyliion Holdings is already benefiting from support by an outsized rival. Plus, a war of press releases over reducing emissions and a plea for autonomous truck testing in California.

TuSimple intrigue

The shake-up at TuSimple that began in March has developed into a full-on house cleaning. Most notable is the departure of Pat Dillion. His Wall Street background brought investor relations credibility to the autonomous trucking...

https://www.freightwaves.com/news/truck-tech-startup-strategies-edition

Analysis: Normally transparent TuSimple bungles leadership change, rattling investors

For a young public company known for transparency, TuSimple Holdings’ sudden replacement of Cheng Lu as CEO with co-founder Xiaodi Hou showed that unexpected moves rattle investors. And shaken investors sell stock.

A lot of stock.

TuSimple is trading near its all-time low. For the week, it was down 32.65%, with most of the damage on Thursday, the day of the announcement.. 

The timing and immediate execution appeared to be a PR blunder with volatile markets already spooked by inflation fears and...

https://www.freightwaves.com/news/analysis-normally-transparent-tusimple-bungles-leadership-change-rattling-investors

Nikola names veteran automotive executive as president to guide global growth

Nikola Corp. has named Michael Lohscheller as its new president, reporting to CEO Mark Russell who gave up the president’s title.

Lohscheller’s career includes leadership roles in finance, technology, purchasing and logistics at Volkswagen, where he also was executive vice president of Volkswagen Group of America. In addition, he led European brand Opel to profitability under General Motors and Stellantis ownership.

He was recruited to the CFO role at Opel by Steve Girsky, Nikola’s chairman, who...

https://www.freightwaves.com/news/nikola-names-veteran-automotive-executive-as-president-to-guide-global-growth

Traton shakes up Navistar C-suite, ousting CEO Lisboa

Volkswagen AG-owned Traton Group replaced Persio Lisboa as CEO of recently acquired Navistar International Corp. on Wednesday, part of an executive shuffling that retains about half of senior leadership.

Traton closed its $3.7 billion acquisition of Navistar, the No. 4 U.S. truck maker, on July 1.  The Navistar board of directors appointed Mathias Carlbaum, 48, as CEO and president effective Sept. 1. After a transition, Lisboa, 55, will retire after a 35-year career at Navistar including 14...

https://www.freightwaves.com/news/traton-shakes-up-navistar-c-suite-ousting-ceo-lisboa

Truck Talk: Cost of change edition

This week, we look at the costs associated with changing corporate captains; tiremakers rolling into trucking autonomy and electrification, and static-free AM/FM radio in the Freightliner Cascadia.  

The cost of change

Leadership change can be expensive, both to remove a current CEO and to hire a new one. Here are three recent example as startups and early stage growth companies onboard operating experience in place of visionary or slow-moving leaders:

Lordstown Motors Corp.

The ouster of Steve...

https://www.freightwaves.com/news/truck-talk-cost-of-change-edition

Struggling battery startup Romeo Power taps veteran executive for CEO

Lionel Selwood Jr. is out as the president and CEO at startup commercial truck battery pack maker Romeo Power Inc., replaced by 30-year auto and energy industries veteran Susan Brennan.

Selwood, who became CEO about a year ago, led the company through its public debut sponsored by special purpose acquisition company RMG Acquisition Corp. Romeo received $384 million before expenses with an enterprise value of $900 million when the business combination closed last December.

Selwood is stepping down...

https://www.freightwaves.com/news/struggling-battery-startup-romeo-power-taps-veteran-executive-for-ceo

Failure to launch: Workhorse Group ousts CEO as production delays escalate

Quarter after quarter of missed production targets finally caught up with Workhorse Group CEO Duane Hughes, ousted Thursday at the electric delivery van maker and replaced by auto industry veteran Rick Dauch.

Workhorse (NASDAQ: WKHS) has produced very few composite body electric vans in each of the past few quarters. Supply chain disruptions are the latest setback following a decision to change battery suppliers and a COVID outbreak that affected 36% of the workforce.

The company failed to meet...

https://www.freightwaves.com/news/failure-to-launch-workhorse-group-ousts-ceo-as-production-delays-escalate

Yellow announces departure of executives; Harris becomes president

Executive changes at Yellow

Less-than-truckload carrier Yellow Corp. (NASDAQ: YELL) announced Tuesday the departure of COO T.J. O’Connor and Chief Network Officer Scott Ware. Darrel Harris, who was brought on board in November to head the company’s strategic initiatives, will take over as president.

Yellow President Darrel Harris (Photo: Yellow Corp.)

Harris has 25 years of experience in transportation, most recently leading Yellow’s enterprise transformation to a super regional carrier. The network changes include...

https://s29755.pcdn.co/news/yellow-announces-departure-of-executives-harris-becomes-president

Several C-suite changes at J.B. Hunt

Executive leadership changes at J.B. Hunt

J.B. Hunt Transport Services (NASDAQ: JBHT) announced several changes to its executive leadership team on Tuesday.

John Kuhlow is now the company’s full-time chief financial officer. He filled the role on an interim basis following the retirement of Dave Mee in March. Kuhlow joined the company in 2006 as assistant controller, most recently serving as senior vice president of finance, controller and chief accounting officer prior to the CFO role.

“First of all, I want to thank John Kuhlow for his...

https://s29755.pcdn.co/news/several-c-suite-changes-at-jb-hunt

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