BALTIMORE, March 16 /PRNewswire-FirstCall/ -- The Adams Express Company (NYSE: ADX) announces that, after 40 years with the Company, Joseph M. Truta, President and a member of the Company's portfolio management team, will retire effective June 30, 2009. Mr. Truta joined the Company in 1969 and was elected President in 1986. He and Douglas Ober, Chairman and CEO, have served on the portfolio management team for the Company from 1986 to the present; David Weaver, Executive Vice President, joined the portfolio management team in 2008. Mr. Ober said about Mr. Truta's retirement: "Joe started with Adams Express when it was headquartered in New York and is the last of the contingent who relocated with the Company to Baltimore in 1976. He has played a major role in our success over his tenure. He is not only a first-rate stock picker but also is the person responsible for our options trading program, which has generated significant income for the Company over the past 30 years. His role as adviser and mentor to our younger research analysts has been instrumental in their maturation as investment professionals. While we have been planning for this day for some time and have a strong succession plan in place, we will certainly miss Joe and his wise counsel. We wish him the best in his retirement."
Mr. Truta is a Chartered Financial Analyst and received his B.S. from Fordham University. He served 5 years in the U. S. Marine Corps Reserve.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX.
For further information, please contact
Lawrence L. Hooper, Jr., Vice President, Secretary and General Counsel
410-752-5900 or 800-638-2479
E. Mail: email@example.com
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SOURCE The Adams Express Company