PAMT, the parent company of carrier P.A.M. Transport, promoted Lance Stewart to president, CEO and director of the company, effective August 4, according to a Monday press release.
Having lived near the company’s headquarters, Stewart began his carrier with P.A.M. Transport, the company’s primary subsidiary, in 1989.
He has served in several roles such as VP of accounting and controller, VP of finance, VP of operations and most recently CFO.
Former CEO Joseph Vitiritto resigned effective June 27 due to family reason, according to a securities filing from May. Matthew Moroun, who was acting as interim CEO, will return to his role as chairman.
Daniel Kleine was promoted to SVP of finance and treasurer and will serve as principal financial and accounting officer until a permanent CFO is named.
The changes in executive leadership comes as PAMT faced a three straight quarters of operating loss. The company reported an $11.1 million operating losses for Q2, per its recent earnings release, while net loss stood at $9.6 million for the quarter.
