ADDISON, Texas, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that Brian Bonner ended his term as Executive Chairman, effective August 14, 2020. Bonner will continue to serve the Company as an Independent Director and Chairman of the Company’s Board of Directors, maintaining the responsibilities commensurate with the Chairman position. Bonner has served as an Independent Director since 2015.
Brian Bonner commented, “It has been a privilege to serve our company and our shareholders as Executive Chairman of our Board for the last year. The decision to end the position reflects the thoughtful completion of our managerial leadership transition and the successful re-establishment of Daseke’s strategic direction. When I assumed this role as Executive Chairman a year ago, our Company was going through significant managerial and cultural changes, requiring more hands-on stewardship from the Board. This started with finding the right leader to guide our transformation, and there is no doubt Chris Easter was the right individual to assume that position. Chris rapidly identified and prioritized the right transformation actions, while mobilizing a team of leaders from our existing operating units to execute those actions. His decisive leadership has re-established Daseke’s strategic direction centered on operational execution, while reshaping our culture around one of continuous improvement and best practices. He has executed a dramatic turnaround in our financial performance and reinvigorated our company, while simultaneously navigating the early stages of a pandemic. As importantly, he set the path forward to deliver even stronger operational performance by recently framing our long-term potential to deliver an operating ratio of sub-90%. While there is still much to achieve, the results of the significant changes that have taken place over the last year speaks volumes.”
Chief Executive Officer and Director Chris Easter commented, “I’d like to thank Brian for all the hard work and steady advisory he has provided to me personally and our team. Brian has helped oversee the most transformational year in the history of our Company. Over the last year we have experienced fundamental improvement in the areas of leadership and strategic development, and our financial and operational performance results demonstrate that we are on the right path. I want to acknowledge his significant contributions over the last year, and I look forward to continuing to work with him in his role as Chairman.”
About Daseke, Inc.
Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of approximately 5,000 tractors and 11,500 flatbed and specialized trailers, and a million-plus square feet of industrial warehousing space. For more information, please visit www.daseke.com.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. Projected financial information, including our guidance outlook, are forward-looking statements. Forward-looking statements may also include statements about the Company’s goals, including its restructuring actions and cost reduction initiatives; the Company’s financial strategy, liquidity and capital required for its business strategy and plans; the Company’s competition and government regulations; general economic conditions; and the Company’s future operating results.
These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.
The effect of the COVID-19 pandemic may remain prevalent for a significant period of time and may continue to adversely affect the Company’s business, results of operations and financial condition even after the COVID-19 pandemic has subsided and “stay at home” mandates have been lifted. The extent to which the COVID-19 pandemic impacts the Company will depend on numerous evolving factors and future developments that it cannot predict. There are no comparable recent events that provide guidance as to the effect the COVID-19 global pandemic may have, and, as a result, the ultimate impact of the pandemic is highly uncertain and subject to change. Additionally, the Company will regularly evaluate its capital structure and liquidity position. From time to time and as opportunities arise, the Company may access the debt capital markets and modify its debt arrangements to optimize its capital structure and liquidity position.
Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, general economic and business risks, such as downturns in customers’ business cycles and disruptions in capital and credit markets, the impact to the Company’s business and operations resulting from the COVID-19 pandemic, the Company’s ability to execute and realize all of the expected benefits of its integration, business improvement and comprehensive restructuring plans, the Company’s ability to complete planned or future divestitures successfully, the Company’s ability to adequately address downward pricing and other competitive pressures, driver shortages and increases in driver compensation or owner-operator contracted rates, loss of senior management or key operating personnel, our ability to realize intended benefits from its recent or future acquisitions, seasonality and the impact of weather and other catastrophic events, fluctuations in the price or availability of diesel fuel, increased prices for, or decreases in the availability of, new revenue equipment and decreases in the value of used revenue equipment, the Company’s ability to generate sufficient cash to service all of the Company’s indebtedness, restrictions in its existing and future debt agreements, increases in interest rates, changes in existing laws or regulations, including environmental and worker health safety laws and regulations and those relating to tax rates or taxes in general, the impact of governmental regulations and other governmental actions related to the Company and its operations, litigation and governmental proceedings, and insurance and claims expenses. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors”.
Alpha IR Group
Joseph Caminiti or Chris Hodges