Financial industry veteran Scott Parker named to top financial role
at $8.4 billion logistics leader
MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in commercial fleet
management, dedicated
transportation, and supply
chain solutions, today announced the appointment of Scott T. Parker
as executive vice president (EVP) and chief financial officer (CFO)
responsible for Ryder’s financial management functions including finance
and audit, treasury, tax, accounting, corporate strategy, and investor
relations. Mr. Parker succeeds Art A. Garcia who announced his
retirement in September 2018.
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Ryder names Scott T. Parker CFO (Photo: Business Wire)
As EVP and CFO, Mr. Parker will also serve as a member of Ryder’s
Executive Leadership Team and report to Chairman and Chief Executive
Officer Robert
E. Sanchez. He will join Ryder on April 5, 2019, and be based in the
global headquarters in Miami, Fla.
“Scott is a highly talented and seasoned leader with a proven track
record of successfully driving top-line growth and improved
profitability,” said Mr. Sanchez. “His extensive financial expertise,
along with his strategic mindset, will help take us to the next phase of
our growth strategy in the constantly evolving transportation and
logistics industry.”
Since November 2015, Mr. Parker served as EVP and CFO for OneMain
Financial (NYSE: OMF), a leading consumer finance company, responsible
for overseeing all financial operations including accounting, tax,
financial planning and analysis, treasury, and investor relations
departments. He also had responsibility for the credit, insurance, and
marketing functions of OneMain.
Prior to his most recent role at OneMain, Mr. Parker served as the CFO
for commercial finance company CIT Group Inc. (NYSE: CIT) from July 2010
to October 2015. Prior to joining CIT, he served as CFO from 2006 to
2008 and chief operating officer from mid-2008 to 2010 for Cerberus
Operations & Advisory Company, an affiliate of private investment firm
Cerberus Capital Management.
Mr. Parker also spent more than 15 years in leadership roles within the
industrial and financial services businesses at General Electric Company
(NYSE: GE), including CFO of GE Capital Solutions from 2005 to 2006. Mr.
Parker received a Bachelor of Science degree in Agricultural Economics
(Business Management and Marketing) from Cornell University.
“I’m thrilled to join a new industry and such an innovative,
forward-thinking company,” said Mr. Parker. “I look forward to working
with the management team as we continue to grow the business and build
on our success.”
As part of the planned succession process, Mr. Garcia will continue in
the CFO role until April 5, 2019, and, thereafter, will serve as a
special advisor to the CEO until his retirement on April 30, 2019.
“I would like to thank Art for his leadership during his 20-year-career
with Ryder, helping to deliver the company to the strong position it
holds today, and wish him all the best in his retirement,” added Mr.
Sanchez.
Mr. Parker’s compensation arrangements are described in Ryder’s Current
Report on Form 8-K filed with the Securities and Exchange Commission on
the date of this press release. Pursuant to New York Stock Exchange
Rules, Ryder notes that these arrangements include an equity award that
will be made outside of Ryder’s equity incentive plan as an employment
inducement award under NYSE Listing Rule 303A.08. The grant, which will
be made upon Mr. Parker’s commencement of service with Ryder, is valued
at $4.8 million and is intended to compensate Mr. Parker for equity
compensation forfeited from leaving his former employer. The grant is
comprised of restricted stock ($4.3 million) and stock options
($500,000) that vest over three years subject to continued employment
(40% vesting after the first year and 30% after each of the second and
third years).
NOTE: A headshot of Mr. Parker is available via the Ryder
Newsroom and BusinessWire.
About Ryder System, Inc.
Ryder is a Fortune 500® commercial fleet
management, dedicated
transportation, and supply
chain solutions company. The company’s stock (NYSE: R) is a
component of the Dow Jones Transportation Average and the S&P MidCap
400® index. Ryder, which also provides commercial
truck rental, truck
leasing, used
trucks for sale, and last
mile delivery services, has been named among “The World’s Most
Admired Companies” by Fortune, as well as one of “America’s Best
Employers” and “America’s Best Employers for Women” by Forbes. The
company is regularly recognized for its industry-leading practices in
third-party logistics, environmentally friendly fleet and supply chain
solutions, world-class safety and security programs, and hiring of
military veterans. For more information, visit the Ryder newsroom.
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are "forward-looking
statements" within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking
statements are based on our current plans and expectations and are
subject to risks, uncertainties and assumptions. Accordingly,
these forward-looking statements should be evaluated with consideration
given to the many risks and uncertainties that could cause actual
results and events to differ materially from those in the
forward-looking statements including those risks set forth in our
periodic filings with the Securities and Exchange Commission. New risks
emerge from time to time. It is not possible for management
to predict all such risk factors or to assess the impact of such risks
on our business. Accordingly, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
View source version on businesswire.com:
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Media Contact:
Jonathan Mayor
jonathan_c_mayor@ryder.com
(305)
500-3161
Investor Relations Contact:
Bob Brunn
bob_s_brunn@ryder.com
(305)
500-4210
Source: Ryder System, Inc.