Amid a financial restructuring and an investigation by the U.S. Securities and Exchange Commission, Celadon Group has announced the appointment of a new independent director to its board.
With an eight-year background as the senior vice president of Bank of America’s transportation and logistics group when she retired in 2016, Kathleen L. Ross assumed the director role Oct. 10.
Ross has been in the financial industry since 1989, specializing in transportation, logistics, and supply chain, with experience in arranging financing, arranging and advising on public and private equity and debt offerings, optimizing capital structures, and advising companies on strategy, market conditions, and management of financial and other risks.
Chairman of the Board Michael Miller said Ross’ 30 years of experience will help Celadon to strengthen their capital structure and position, and guide the new management team.
Celadon continues to sell off real estate and truckload assets after liquidating its flatbed division in September. The restructuring came after the company suffered a $10 million operating loss in the first quarter of 2017.
The company also announced it was the subject of an SEC investigation and subpoena to obtain documents on Oct. 2. No additional details about the investigation have been released.