Stephen Selig, president and chief operating officer of Maverick USA, is retiring at the end of the year and will be replaced by John Culp, executive vice president and chief financial officer.
The North Little Rock-based company announced its succession plan in a news release Monday, saying Selig will step down Dec. 31. Culp will become the company's president on Jan. 1.
Selig's retirement will end his 31-year career with the privately held company, including 14 years in his current role. Maverick Chairman and Chief Executive Officer Steve Williams, who founded the company in 1980, said Selig led the organization "through some very challenging" times.
"The cornerstone of his leadership has been his personal character and work ethic, which has gained the respect and trust of our employees, our customers, and our competitors," Williams said.
Selig, 66, began at Maverick as a sales manager in 1984, when the company operated about 50 tractors and produced $5.1 million in revenue.
He was promoted to his current role on Jan. 1, 2001, and has played a key part in leading a company ranked by Transport Topics as the 76th largest for-hire carrier in North America with 1,376 tractors and $316 million in sales in 2014.
Shannon Newton, president of the Arkansas Trucking Association, said Selig provided a "calming presence at the helm of a company that is known for embracing change."
Last year, Maverick spent $3.5 million on a 13,000-square-foot facility used to train drivers on its North Little Rock campus. The company also devotes resources promoting safety and technological advancement in the industry.
"He has achieved some very ambitious goals and served Maverick well," said Newton, who began her career in the trucking industry at Maverick. "The company's growth and accomplishments during his tenure as president are the envy of the industry. As an association we will miss his contributions, and we wish him nothing but the best in his next chapter."
Culp, 55, joined Maverick in 1989 as the vice president of finance. He moved into his current role in 1995, working as the company's executive vice president and chief financial officer for 20 years.
Culp said in a news release he was excited about the opportunity to lead Maverick, "particularly given current industry challenges and the unprecedented opportunities that come with them."
"Our management team is well positioned to seize these opportunities and is committed to provide our customers the value added transportation services they expect," Culp said in a news release.
Business on 10/13/2015