DALLAS, Feb. 23, 2011 (GLOBE NEWSWIRE) — Frozen Aliment Express Industries, Inc. (Nasdaq:FFEX) appear today that Stoney M. “Mit” Stubbs, Jr. has retired as Chief Executive Officer (CEO) able at the end of day Monday February 28, 2011, afterwards twenty seven years as CEO and Chairman of the Board. Mr. Stubbs will abide on the company’s Board of Directors, continuing his role as Chairman of the Board. Mr. Stubbs will be replaced as Chief Executive Officer by S. Russell Stubbs, who will additionally absorb his position as President of the company. Mr. Russell Stubbs has been with the aggregation back 1986, best afresh confined as President back January, 2010.
Stoney “Mit” Stubbs, Jr. began his able career with Frozen Aliment Express Industries, Inc. (“FFE”) as a administration abecedarian in 1960, afterwards his graduation from Texas A&M and account in the U.S. Army. Over the abutting two decades, Mr. Stubbs, Jr. becoming accretion albatross aural the company, ultimately earning the role of President of the association in 1979. In 1984 he was animated to the roles of Chairman of the Board, President, and Chief Executive Officer.
Mr. Stubbs, Jr. oversaw the association during a aeon of affecting growth, through acquisitions of carriers such as Lisa Motor Lines, Middleton Busline and American Eagle Lines in the 1980s. By 1991, FFE was the nation’s better about owned, civic full-service motor carrier of decaying commodities. In 1992, FFE fabricated Forbes’ account of the 200 best baby companies in America, which admiring austere absorption from Wall Street investors for the aboriginal time. From 1984, back Mr. Stubbs, Jr. was adopted Chairman and CEO, until 2005, the aggregation grew from $64 actor in anniversary acquirement to over a bisected billion dollars in 2005.
In accession to his assignment at FFE, Mr. Stubbs, Jr. has been a baton in the busline industry. In 1995 he served as Chairman of the Texas Motor Busline Association and in 1996 he additionally served as Chairman of the Truckload Carriers Association, both of which he serves today on the Executive Committee. Mr. Stubbs, Jr. additionally continues to serve on the American Trucking Association’s Executive Committee.
Mr. Stubbs, Jr. stated, “FFE has been a allotment of my ancestors for my absolute activity and I accept enjoyed every moment of my time here. There comes a time to canyon on the reins and I anticipate that time has come. I like the administration aggregation we accept accumulated and I apperceive Russell will do a accomplished job in arch the aggregation advanced as the new CEO. I will abide to adore my account on the Board and as an alive affiliate of the assorted trucking associations. I appetite to acknowledge all that I’ve accepted and formed with for a abundant activity as a trucker.”
Mr. Russell Stubbs added, “Mit has been a accurate titan in temperature controlled trucking. His leadership, acumen and anticipation accept meant a lot to our company, the industry and me personally. I am aflame at the befalling I now accept to abide the abundant attitude of this aggregation and attending advanced to abounding acknowledged years ahead.”
About FFE Busline Services, Inc.
FFE Busline Services, Inc. is one of the arch temperature-controlled truckload and less-than-truckload carriers in the United States with amount operations in the carriage of temperature-controlled articles and decaying appurtenances including food, bloom affliction and confectionery products. Account is offered in over-the-road and intermodal modes for temperature-controlled truckload and less-than-truckload, as able-bodied as dry truckload. The Aggregation additionally provides brokerage/logistics and committed casework to our customers.
Additional advice about Frozen Aliment Express Industries, Inc. can be begin at http://www.ffeinc.com. To accompany our email active list, amuse bang the afterward link: http://financials.ffex.net/alerts.cfm. The Company’s accepted banal is traded on the NASDAQ Global Select bazaar beneath the attribute FFEX.
The FFE Busline Services, Inc. logo is accessible at http://www.globenewswire.com/newsroom/prs/?pkgid=3209
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