Landstar System, a freight broker, revealed a succession plan for the roles of president and CEO as Jim Gattoni, the current holder of these positions, prepares to retire after a long tenure with the company. The company’s board of directors has selected Frank Lonegro, the current CFO of Beacon, a leading roofing and building supply company, as the new chief effective February 2nd. Gattoni will lead the company through the upcoming fourth-quarter earnings call before stepping down and assuming the role of special adviser to the CEO until his retirement in July.
Lonegro, despite most recently working outside the industry, has experience in the transportation sector, having spent almost 20 years at CSX before joining Landstar. The board expressed confidence in Lonegro’s financial, operational, and technological leadership abilities, citing his successful track record at large publicly traded organizations. Gattoni’s tenure at Landstar has seen significant growth, with revenue more than doubling and net income tripling under his leadership. The board expressed gratitude for Gattoni’s contributions while also welcoming Lonegro and his vision for the future of the company. Lonegro will also join Landstar’s board, with expertise in the shipment of building products, which accounts for a considerable portion of the company’s revenue.
Both Gattoni and Lonegro expressed excitement for the future and the opportunity to build upon Landstar’s legacy of success. Gattoni praised Lonegro’s experience and understanding of the freight transportation industry, emphasizing the importance of safety and long-term success. Lonegro, in turn, acknowledged the honor of following in Gattoni’s footsteps and looks forward to guiding Landstar into the next phase of growth.
