Congress is moving to put driverless 80,000-lb trucks on public roads. Plus: 13,000 California CDLs get cancelled, diesel hits a 32-year record, Florida wants $50K to get your truck back, and more.
Ryan Schreiber breaks down everything about strategy, relationships, mindset, and AI in logistics.
Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
Inside: FedEx's market triumph, the controversy at Yellow Corp, Waabi and Uber Freight's decade deal, and the hammer comes down on PPP loan-scamming trucker.
Good Friday morning. Ever wonder what kind of money freight brokerage CEOs are taking home? Today, we've got the eye-popping salaries of the industry's top dogs. As for FedEx, they're beating expectations while industry disrupters like TuSimple struggle. Meanwhile, Yellow Corp. controversy heats up as it selects a stalking horse bid winner. Plus, in the retail world, 'tis the season of major changes.
🤔 Question of the Day: Can you guess which freight brokerage tops our list as the highest-paid CEO?
In today's email:
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🐔 WHAT’S COOKIN’ IN FREIGHT
📊 Earnings Reports: FedEx Dominates; TuSimple Faces Rocky Roads. FedEx, an industry stalwart, recently showcased its resilience by outperforming market expectations and benefitting from industry shifts. The company saw a 5.3% rise in shares post-earnings, adjusting its fiscal 2024 projections upward. Meanwhile, TuSimple, an autonomous trucking aspirant, grapples with a challenging landscape. Despite its innovative approach, the company's shares dropped by 80% over a year, reporting a significant operating loss in 2022. Regulatory barriers, internal controversies, and stiff competition further muddy its path. As we juxtapose experience with innovation, FedEx emerges as the steady ship while TuSimple navigates turmoil.
💰 Yellow's Bonus Scandal. Former trucking titan Yellow Corp. faces scrutiny after awarding $4.6 million in bonuses to top executives just before bankruptcy, leaving 30,000 workers jobless. Former leaders like Loerke and Ragner now thrive at Valley Companies, while the average Yellow employees grapple with uncertain futures. In the most recent development, the Teamsters Union demands a senate investigation into the bankruptcy's rapid progression, calling for congressional reforms in executive retention bonuses. Amidst this backdrop, Estes Express Lines' $1.525 billion "stalking horse bid" for Yellow Corp.'s terminals was yesterday, setting a benchmark for any future offers, with added protections.
🛍️ Retail Hiring: A Season of Change. U.S. retailers forecast a quieter holiday hiring season this year, with only 410,000 seasonal jobs expected, the lowest since 2008. Amidst rising costs and waning consumer confidence, Amazon bucks the trend by aiming to hire a record 250,000 employees, up 67% from last year. Meanwhile, Target remains consistent with 100,000 hires, and Macy's plans a cut of 3,000 positions. As inflation impacts consumer spending, retailers adjust hiring strategies, hinting at a muted holiday shopping season.
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Here's a list of the top 10 highest-paid CEOs from publicly traded companies that also have freight brokerage operations. While these firms encompass more than just freight brokering, their CEO compensations are publicly reported.
Note that private freight brokerages, like TQL, do not disclose such data, so they aren't included. Let's dive in.
1. C.H. Robinson: Dave Bozeman
2. RXO: Drew Wilkerson
3. Ryder Systems: Robert E. Sanchez
4. JB Hunt: John Roberts III
5. Penske Logistics: Roger S. Penske
6. Schneider: Mark B. Rourke
7. ArcBest: Judy R. McReynolds
8. Matson: Matthew J. Cox
9. Werner: Derek J. Leathers
10. Hub Group: Phil D. Yeager
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AROUND THE FREIGHT WEB
🚚 Trucking Tonnage Tides. Truck tonnage dipped 2.3% YoY in August, yet consecutive monthly gains hint at recovery, according to the American Trucking Associations' For-Hire Truck Tonnage Index.
🌟 Manifest Vegas 2024: Supply Chain Elites. Manifest Vegas 2024's Plenary Stage will showcase top C-Suite executives and award winners, discussing supply chain advancements, technology, and diversity initiatives. Get a look at the lineup here.
🤖 Waabi's Decade Deal with Uber Freight. Waabi Innovation Inc. inked a 10-year pact with Uber Freight, transitioning from simulation to software-equipped autonomous trucks in just over two years.
📉 U.S. Freight Slump Continues. U.S.-bound containerized freight imports declined for the 13th month in August, reflecting slowing supply chain activities and subdued consumer goods demand.
🧑⚖️ Mississippi Trucking PPP Deception. Mississippi trucker Xavier Bailey ordered to repay $482,000 for deceitfully acquiring funds via the Paycheck Protection Program (PPP), providing false claims, and violating the CARES Act.
🚛 Thursday Freight in Chicago. Check out this story about a freight broker in Chicago.
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Freight Fest, taking place in Houston, TX from September 28th to October 1st. Join industry experts, network with peers, and discover the latest in transportation and logistics.
Use our code, FC15, to receive a 15% discount on your ticket today. Learn more by going to FreightFest.com.
FREIGHT MEME OF THE DAY
Also, check out:
Congress is moving to put driverless 80,000-lb trucks on public roads. Plus: 13,000 California CDLs get cancelled, diesel hits a 32-year record, Florida wants $50K to get your truck back, and more.
Ryan Schreiber breaks down everything about strategy, relationships, mindset, and AI in logistics.
Oil spikes to $120 on Iran news before settling near $106. Plus: another influencer shipment gets stolen, Wyoming can now pull your truck, 24 states sue over tariffs, and more.
The Supreme Court just heard arguments in the broker liability case we’ve been tracking. Plus: oil shipping costs explode, trucking insurance is stuck in 1980, regulators brace for a carrier crackdown, and more.
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