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Rail News: Intermodal

Intermodal pioneer, Pacer founder Orris to retire as firm's CEO within a year


Intermodal industry pioneer Don Orris plans to retire from the logistics and transportation company he founded in 1997. Yesterday, Pacer International announced Chairman and Chief Executive Officer Orris will retire within 12 months once the company’s board appoints his successor.

Orris, 65, plans to sell up to 660,000 shares of Pacer common stock he owns.

“After 44 years in the freight transportation industry … it is time for me to step down from this company,,” said Orris in a prepared statement. “It is time to spend more quality time with my wife and family, including my four grandchildren.”

Pacer also announced third-quarter financial results, which show revenue increased 2 percent to $458.2 million, income from operations rose 10 percent to $31.6 million and diluted earnings per share climbed 26.3 percent 48 cents compared with similar 2005 data. Through nine months, Pacer’s revenue increased slightly to $1.4 billion, income climbed nearly 50 percent to $81.3 million and diluted earnings per share rose 52.5 percent to $1.22.

Contact Progressive Railroading editorial staff.

More News from 10/27/2006