Just just a few weeks after announcing the sale of U.S. Xpress to Knight-Swift, the outgoing CEO at USX has a brand new gig.
Eric Fuller will develop into executive in residence at The Company Lab, which like U.S. Xpress (NYSE: USX) is predicated in Chattanooga, Tennessee.
The move will keep Fuller within the transportation space. Co.Lab, as it’s also known, is concentrated on “sustainable mobility” and “entrepreneurship.”
On its webpage, Co.Lab describes itself as a nonprofit that “accelerates early-stage startups within the greater Chattanooga region and beyond.”
In an announcement released by Co.Lab, Fuller called the move “an enormous honor, especially with the brand new direction the corporate is heading in with sustainable mobility.”
“Co.Lab’s commitment to fostering innovation and supporting entrepreneurs aligns closely with my very own values,” he said. “I stay up for collaborating with the talented team at Co.Lab and helping entrepreneurs transform their ideas into successful ventures that positively impact our community and beyond.”
Co.Lab’s statement said Fuller would give attention to “recruiting and developing entrepreneurs on a national scale, providing mentorship, creating connections within the freight and logistics industry, and offering strategic guidance.”
There was no indication when Fuller’s last day at U.S. Xpress could be. A closing date for the sale of the truckload carrier, which is being acquired for just over $800 million, has not yet been disclosed. Nonetheless, Knight-Swift, in its 10-Q filing for the primary quarter, said closing is predicted early within the third quarter.
Under the terms of the merger, U.S. Xpress is to be a completely owned subsidiary of Knight-Swift (NYSE: KNX). There was not going to be a task for Fuller at Knight-Swift; the terms of the agreement within the 8-K filed by Knight-Swift when the acquisition was announced said all key executives at U.S. Xpress could be resigning.
A spokeswoman for U.S. Xpress said the corporate “will proceed to be led by its current senior management.” When the acquisition closes, Eric Fuller, his father, Max, who’s U.S. Xpress’ chairman, and CFO Eric Peterson “will transition out of their executive officer roles while remaining available to make sure a smooth transition.”
As previously announced, current Swift executives Tim Harrington and Josh Smith will join U.S. Xpress as president and CFO, respectively, the spokeswoman said.
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