Old Dominion Freight Line announced that Greg C. Gantt has been promoted to president and chief operating officer of the less-than-truckload company, replacing David S. Congdon as the company’s president.

Congdon will retain his role as company CEO and will now also be vice chairman of the board of directors. Congdon was honored as an HDT Truck Fleet Innovator in 2008.

“Old Dominion is quite fortunate to have someone of Greg’s experience and expertise,” said Congdon. “Greg has played a critical leadership role in Old Dominion’s growth from a small, regional LTL motor carrier to one of the five largest LTL companies in the United States.”

Gantt joined Old Dominion in 1994 and served as one of the company’s regional vice presidents until 2002. That year, he was promoted to senior vice president of operation and in 2011, he was promoted to executive vice president and COO.

Current senior vice president of finance and chief financial officer J. Wes Frye has announced his plans to retire from Old Dominion after 30 years, effective Dec. 31. Upon Frye’s retirement, Adam N. Satterfield, the company’s vice president-treasurer, will assume the chief financial officer role.

“It would be hard to overstate the pivotal contributions that Wes Frye has made to Old Dominion in his 30 years as our CFO,” said Congdon. “He was instrumental in the turnaround of our business, and in 1991 led the company through its initial public offering. Since that time, we have grown into one of the country’s leading LTL companies with $2.8 billion in revenue.”