Landstar promotes veterans to executive sales roles

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Landstar promotes veterans to executive sales roles
Credit: © Reuters.

JACKSONVILLE, Fla. - Landstar System , Inc. (NASDAQ: LSTR ), a player in the logistics industry, has announced the promotion of two long-serving employees to executive positions within its sales organization. Matt Dannegger is now serving as Chief Field Sales Officer, while Jim Applegate has been appointed Chief Corporate Sales, Strategy and Specialized Freight Officer.

As Chief Field Sales Officer, Dannegger will be focusing on the expansion and support of Landstar's network of over 1,000 independent sales agents. His responsibilities include aiding these agents in business planning, sales, marketing, and the integration of new technologies to enhance sales productivity. Dannegger's history with Landstar spans more than 15 years, with his most recent role being Senior Executive Vice President overseeing agent field sales.

Applegate, in his new role, will oversee corporate sales, strategic growth initiatives, specialized freight services, and business development. His tenure with Landstar began in 2009, and he has held various vice president roles in sales, including business development and corporate sales. His most recent position was Executive Vice President of Business Intelligence and Strategy.

President and CEO of Landstar, Frank Lonegro, expressed his confidence in the combined capabilities of Dannegger and Applegate to lead the sales team and align the organization for future growth. Lonegro highlighted the complexity of the freight transportation industry and the evolving needs of Landstar's agents and customers, pointing out that the expertise of the newly appointed executives will provide a competitive edge for the company.

Landstar, a Fortune 500 company, is known for its technology-enabled, asset-light approach to integrated transportation management solutions. The company specializes in transportation services through a network of agents, third-party capacity owners, and employees, all while being certified to ISO 9001:2015 and RC14001:2015 standards.

The information for this report is based on a press release statement from Landstar System, Inc.

InvestingPro Insights

As Landstar System, Inc. (NASDAQ:LSTR) strengthens its executive team with strategic promotions, investors and stakeholders may consider the financial stability and growth potential of the company. InvestingPro data indicates that Landstar holds a market capitalization of $6.56 billion USD. The company's commitment to shareholder returns is evident in its record of raising dividends for four consecutive years, with the latest dividend yield standing at 1.81%. This dedication to consistent dividend payments has been maintained for 20 years, showcasing the company's financial resilience and investor-friendly approach.

InvestingPro Tips suggest that Landstar holds more cash than debt on its balance sheet, providing a solid liquidity position which is crucial for the expansion efforts led by the newly appointed executives. Additionally, the company's low price volatility could be a sign of market confidence in its operational stability and strategic direction.

Investors looking for more in-depth analysis and additional InvestingPro Tips can explore further at https://www.investing.com/pro/LSTR. There are currently 9 more tips available on InvestingPro, which can provide a clearer picture of Landstar's financial health and investment potential. For those interested in subscribing to InvestingPro for a deeper dive into Landstar's performance metrics and other companies, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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