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The Briefcase: Earl Congdon plans Jan. 1 retirement from Old Dominion board

The Briefcase: Earl Congdon plans Jan. 1 retirement from Old Dominion board

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Earl Congdon plans

Jan. 1 retirement from

Old Dominion board

Old Dominion Freight Line Inc. said in a regulatory filing Tuesday that Earl Congdon, its senior executive chairman, plans to retire from those duties Jan. 1.

Congdon was age 89 as of Old Dominion’s fiscal 2020 proxy report in April.

He has been with the company more than 70 years, including 68 years on the board of directors. He will remain employed by Old Dominion in the roles of chairman emeritus and senior adviser.

David Congdon, Earl’s son, will remain as executive chairman. The company said David Congdon’s “day-to-day responsibilities are expected to be further reduced as part of the long-term succession planning that began in 2018 when he was succeeded as chief executive by Greg Gantt.”

The board approved on Oct. 21 compensation reductions for both Congdons, as well as reducing the number of board members from 11 to 10 when Earl Congdon retires as a director.

Earl Congdon’s base salary will be reduced by 50% beginning on Jan. 1, 2022. David Congdon’s salary will be reduced by 15% on Jan. 1, 2021 from 2020 levels, as well as by 35% from 2020 levels on Jan. 1, 2022.

Richard Craver

PTI boardings still

on slow upswing

Boardings at Piedmont Triad International Airport continued during September to slowly increase month-over-month amid the COVID-19 pandemic.

September boardings were at 26,523, up 8.2% from August, the Piedmont Triad Airport Authority reported Tuesday.

However, PTI's year-over-year boardings were down 69.8% from the 87,879 in September 2019.

American Airlines and affiliates had 13,962 boardings, down 59.8% from a year ago. It holds a 45.7% market share over the past 12 months.

Delta Air Lines and its affiliates were in second place with 9,019 boardings, down 74.7%. Delta holds a 35.1% market share.

United Airlines and its affiliates were third with 2,482, down 79.2%. Allegiant Air was fourth at 938, down 59.1%. Spirit Airlines, one of two low-fare carriers at the Greensboro airport, has maintain a suspension of its PTI service.

Richard Craver

Truist, Wells Fargo,

First Horizon

declare dividends

The boards of directors of Truist Financial Corp., Wells Fargo & Co. and First Horizon National Corp. declared Tuesday quarterly dividends.

The Truist board declared a 45-cent quarterly dividend that’s payable Dec. 1 to shareholders registered as of Nov. 13.

The Wells Fargo board declared a 10-cent quarterly dividend that’s payable Dec. 1 to shareholders registered as of Nov. 6.

The First Horizon board declared a 15-cent quarterly dividend that’s payable Jan. 4 to shareholders registered as of Dec. 11.

Richard Craver

Ashley Furniture

plans Ohio warehouse

Ashley Furniture Industries Inc. plans to add to its U.S. operational base by opening a warehouse in Etna, Ohio, creating 300 jobs and spending $70 million on capital investments.

The 1-million-square-foot facility will serve as a regional distribution hub for the Midwest.

Ashley is the nation's largest home furnishings manufacturer and retailer.

Ashley's supply chain features a 3.8 million-square-foot East Coast manufacturing and distribution facility in Advance, its largest plant overall, where it has spent more than $250 million on capital investments.

It has more than 1,600 employees there and continues to hold hiring events in the Triad to serve new production lines.

Richard Craver

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