Boyd Bros. Names Miller Welborn Acting President and CEO.CLAYTON Clayton, city (1990 pop. 13,874), seat of St. Louis co., E central Mo., a suburb of St. Louis; inc. 1919. Developed in the 1960s, it has high-rise office buildings, hotels, and shopping centers; several major firms are headquartered there. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--July 16, 1998--Boyd Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Transportation Inc. (Nasdaq/NM:BOYD Boyd may refer to any of the following: People See Boyd (surname) The name Boyd has Irish roots that originally meant "blondheaded". Fictional characters
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. management succession plan. These changes include the appointment of Miller Welborn (age 39), currently president of Boyd Bros.' Welborn Transport subsidiary, to serve as Acting Chief Executive Officer. Welborn succeeds Donald G. Johnston (age 61), who has retired as President and Chief Executive Officer of the Company and has resigned as a director effective immediately, which reduces the size of the Company's board of directors from nine to eight. Johnston will continue to serve as a consultant to the Company on strategic and operational matters through 2001. With 16 years experience in the trucking industry, Welborn is a director of the Company and presently serves as chairman of Welborn Transport, a Tuscaloosa, Alabama-based subsidiary of Boyd Bros. which he founded in 1989 and which was acquired by Boyd Bros. in late 1997. He has agreed to serve as Acting Chief Executive Officer while the board of directors further addresses the Company's long-term management succession plan. The board intends to consider both internal and external candidates for the chief executive officer position. In conjunction with this change, Boyd Bros. also announced that Richard C. Bailey (age 47), was promoted to Executive Vice President and Chief Financial Officer and will assume additional day-to-day operating responsibilities for all administrative functions within the Company. The Company also indicated that Dempsey Boyd (age 71), the founder and Chairman of the Company, intends to step down as Chairman no later than 2001, the year in which his term as a director expires. In commenting on the announcement, Dempsey Boyd stated, "We deeply appreciate Don's many contributions to our Company. He has led Boyd Bros. from a small, sub-regional firm to a super-regional public company with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of over $100 million and strong earnings growth, as seen in the mid-year results Boyd Bros. announced earlier today. The Company has benefited from his vision and constant support, and we wish him well as he enters retirement." Miller Welborn added, "I am honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. to have the opportunity to expand my role with Boyd Bros. and look forward to working with our strong management team on an interim basis until the board of directors identifies a successor. We are particularly grateful that Don has agreed to assist us as a part-time consultant for the next several years, focusing on marketing and driver issues. "All the fundamentals are in place for us to continue to enhance our revenue growth and operating results by capitalizing on the Company's strengths and its unique position in the flatbed trucking A flatbed truck is a type of truck which can be either articulated or rigid. It has an entirely flat, level body with absolutely no sides or roof. This allows for quick and easy loading of goods, and consequently they are used to transport heavy loads that are not delicate or market, and by continuing to take advantage of new opportunities," Welborn continued. "At the same time, we remain committed to achieving further improvements in operations and customer service. We expect 1998 to be a very successful year for Boyd Bros." Comments in this news release regarding the Company's business which are not historical facts are forward looking statements that involve risks and uncertainties. These risks include those customarily associated with the acquisition of new operations, including the successful integration of those operations with the Company's existing operations, as well as the risks associated with the Company's implementation of an owner/operator strategy. In a highly competitive business environment, there can be no assurance that these strategies will successfully improve Boyd Bros. future operating profitability or that the Company will consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. additional acquisitions if and when appropriate acquisition candidates are identified. Boyd Bros. Transportation Inc. is one of the largest flatbed trucking companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . industries, and operates throughout the eastern two-thirds of the United States. For more information about the Company, visit Boyd Bros. on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.boydbros
CONTACT: Boyd Bros. Transportation Inc., Clayton
Richard C. Bailey, 334/775-1221
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