Dive Brief:
- Outgoing PAMT CEO Joseph Vitiritto will serve as a consultant for the company following his departure on June 27, according to a securities filing.
- Vitiritto, who has also held leadership positions at other transportation companies, announced his plan to resign on May 8 after nearly five years of leading PAMT, formerly P.A.M. Transportation Services, citing family reasons.
- As a consultant, Vitiritto has agreed to make himself available to advise senior management and consult with the company for one year, earning $8,000 weekly, per the securities filing.
Dive Insight:
Vitiritto’s departure comes at a time when companies are seeing a record amount of CEO turnover. In Q1 alone, 646 top executives left their post, up 4% year over year, according to a report from executive coaching firm Challenger, Gray & Christmas.
Correspondingly, interim leadership is on the rise with 18% of incoming CEOs named on an interim basis in 2025.
While they search for Vitiritto’s successor, PAMT’s board of directors named longtime Chairman Matthew Moroun to serve as interim president and CEO. Moroun — who is also chair of the board of directors for Universal Logistics — previously served as an interim leader for PAMT from May to August 2020, prior to Vitiritto’s appointment.
In connection with the consulting deal, PAMT waived Vitiritto’s obligation to give a six-month notice for his voluntary resignation as originally established in his employment agreement. The departing leader is also subject to non-compete, non-solicitation rules as part of his employment agreement.
Meanwhile, PAMT was hit with losses as Q1 truckload services revenue fell nearly 10% year over year, according to its earnings report. Its net loss was $8.1 million during the quarter.
