One of the nation's biggest long-haul truck carriers is realigning its senior management team at its Chattanooga headquarters three years after making its biggest purchase in the company's 35-year history.
Covenant Logistics Group, Inc. announced Thursday that Joey Hogan will be president and Paul Bunn has been promoted to senior executive vice president and chief operating officer. John Tweed, the former head of LandAir trucking company in Greeneville, Tennessee which Covenant acquired in 2018, is stepping down as co-president of Covenant to transition to a consulting role by this summer.
"Based on the successful execution of our strategic plan during 2020 and the rate of improvement in 2021, we are accelerating the planned evolution of our management team," said David Parker, who remains as chairman and CEO of Covenant Logistics. "We have great confidence in the next generation of leaders, and it is time for them to enhance their contribution."
Parker, the 63-year-old founder of Covenant, said he is creating an Office of the CEO that will include himself along with Hogan and Bunn who will report directly to Parker.
Bunn, who has been with the company for 12 years, will assume daily responsibility for all operations, sales and operational improvement of Covenant. Parker praised Bunn's financial and administrative leadership in the transition following the $83 million purchase of Landair by Covenant nearly three years ago.
Parker said Hogan will continue focusing on mentoring Covenant's leadership team while heading the financial and administrative side of the company. During his almost 24 years at Covenant, "Joey has led where needed and has accumulated much experience in many areas," Parker said.
Tweed, who was president and CEO of Landair and became co-president of Covenant after the companies merged, will transition to a short-term consulting role, effective July 3. He will continue to focus on improving legacy dedicated contracts and expanding the warehousing segment.
"I appreciate the full support of Joey, John, Paul and our board in facilitating this change and preparing Covenant for the next step in generating sustained excellence," Parker said.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services throughout the United States.
Although the company's stock declined Wednesday ahead of the leadership announcement, Covenant's stock is still up 38.4% so far in 2021. Covenant plans to report its first quarter results on April 26.