Old Dominion Freight Line, Inc. announced that Greg C. Gantt, the Company's Executive Vice President and Chief Operating Officer, has been promoted to President and Chief Operating Officer. David S. Congdon will remain the Company's Chief Executive Officer and will assume the new responsibilities of Vice Chairman of the Board of Directors. J. Wes Frye, the Company's Senior Vice President - Finance and Chief Financial Officer, has announced his plans to retire from the Company effective December 31, 2015. Adam N. Satterfield, the Company's Vice President - Treasurer, will become the Company's Chief Financial Officer effective upon Mr. Frye's retirement.
David S. Congdon commented, "Old Dominion is quite fortunate to have someone of Greg's experience and expertise. Since joining the Company in 1994, he has assumed ever-increasing levels of responsibility for all aspects of our operations. 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. As the Company's newly-elected Vice Chairman of the Board and continuing CEO, I look forward to working with Greg and our Board of Directors as we continue to enhance the business model that is setting the standard for success in our industry. On behalf of our entire Old Dominion family, I congratulate Greg on his well-deserved promotion."
Mr. Congdon continued, "It would be hard to overstate the pivotal contributions that Wes Frye has made to Old Dominion in his 30 years as our CFO. Wes joined Old Dominion when our annual revenue was approximately $90 million and our operating ratio was in the high 90% range. 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, an operating ratio of 84.2% and a market capitalization of over $6 billion at the end of 2014. Our current financial condition has never been stronger. We thank Wes for his hard work in helping Old Dominion create an outstanding record of long-term growth and increased shareholder value, as well as for his dedication, his counsel and his integrity. Speaking for everyone at Old Dominion, we wish him well in the years ahead.
"Finally, we are very pleased to announce that Adam Satterfield will become the Company's CFO effective upon Wes's retirement. Adam has been working with Wes for more than 10 years in positions of increasing responsibility. Over the past several years, consistent with our long-term succession planning, Adam has had extensive exposure to the responsibilities that he will assume as our new CFO. He and Wes will continue to work closely together for the remainder of 2015 to help ensure a seamless transition at year- end. We have the utmost confidence in Adam's capabilities and look forward to continued financial success under his leadership."
Greg C. Gantt joined Old Dominion in 1994 and served as one of the Company's Regional Vice Presidents until 2002. In 2002, he was promoted to Senior Vice President - Operations, and in 2011 he was promoted to Executive Vice President and Chief Operating Officer. Prior to joining Old Dominion, Mr. Gantt served in many operational capacities with Carolina Freight Carriers Corporation, including Vice President of its Southern Region. Mr. Gantt received his undergraduate degree from Appalachian State University.
Adam N. Satterfield joined Old Dominion in 2004 as Manager of SEC Reporting. In 2007, he was promoted to Director of Finance and Accounting, and in 2011 he was promoted to Vice President - Treasurer. Prior to joining Old Dominion, he was an Audit Manager for KPMG, a global accounting firm. Mr. Satterfield, a CPA, received his undergraduate degree from North Carolina State University and a Masters degree in Accounting from The University of North Carolina at Greensboro.