Landstar Appoints New Chairman Of The Board And New Board Member And Increases Authorized Share Buyback

May 22, 2015, 07:50 ET from Landstar System, Inc.

JACKSONVILLE, Fla., May 22, 2015 /PRNewswire/ -- Landstar System, Inc. (NASDAQ: LSTR), a worldwide, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services, announced today that effective May 19th, Diana M. Murphy was named its non-executive Chairman of the Board following Landstar's 2015 Annual Meeting of Stockholders.  Ms. Murphy joined the Landstar Board of Directors in 1998 and has served as Independent Lead Director of the Board since May 2012.  During her tenure on the Board, Ms. Murphy has also served on each Board committee, including service as chairman of the compensation, nominating and corporate governance and strategic planning committees. Ms. Murphy also serves on the Board of Directors of CTS Corporation, a NYSE-listed leading designer and manufacturer of electronic components to OEMs in various industries, and is a Vice President of the United States Golf Association and a member of its executive committee.

The Company also announced that Anthony J. Orlando has joined its Board of Directors.  Mr. Orlando, 55, most recently served as President and Chief Executive Officer for Covanta Holding Corporation, a developer and operator of renewable energy facilities focused on transforming waste into energy, from October, 2004 to March, 2015.  Mr. Orlando held various other executive positions during his 28 year tenure with Covanta Holding Corporation and with Foster Wheeler Corporation prior to that. 

In addition, Landstar announced that its Board of Directors has increased to 3,000,000 the number of shares of its common stock that the Company is authorized to purchase under its stock purchase program. 

"Landstar is very pleased to announce the appointment of Diana Murphy as non-executive Chairman of the Board and the addition of Tony Orlando to our Board of Directors," said Landstar President and Chief Executive Officer Jim Gattoni.   "Diana has been a valuable member of Landstar's Board for over 17 years, most recently serving as Independent Lead Director.  Her appointment as Chairman is a natural progression from her role as Independent Lead Director and I look forward to working with Diana to ensure Landstar's continued growth and success.  I also look forward to working with our newest Board member, Tony Orlando.  Tony's operations experience and strategic background in his various roles at Covanta will contribute greatly to Landstar's future."

Continued Gattoni, "2015 year-to-date we have purchased 1,307,154 shares of Landstar's common stock at an aggregate cost of approximately $84.6 million.  We continue to return value to our stockholders through our share purchase programs and plan to be opportunistic in the market going forward."

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995.  Statements contained in this press release that are not based on historical facts are "forward-looking statements".  This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies and expectations.  Terms such as "anticipates," "believes," "estimates," "intention," "expects," "plans," "predicts," "may," "should," "could," "will," the negative thereof and similar expressions are intended to identify forward-looking statements.  Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; decreased demand for transportation services; substantial industry competition; disruptions or failures in the Company's computer systems; dependence on key vendors; changes in fuel taxes; status of independent contractors; regulatory and legislative changes; catastrophic loss of a Company facility; intellectual property; unclaimed property; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10K for the 2014 fiscal year, described in Item 1A Risk Factors, and in other SEC filings from time to time.  These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated.  Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

About Landstar: Landstar System, Inc. is a worldwide, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity owners and employees.  All Landstar transportation services companies are certified to ISO 9001:2008 quality management system standards and RC14001:2013 environmental, health, safety and security management system standards.  Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.

SOURCE Landstar System, Inc.



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