Shares in C.H. Robinson were down 5.3% on Monday and on track for their biggest one-day decline since November after a report that the freight broker's next chief executive would be David Bozeman, an executive at Ford Motor , disappointing some investors who expected the job to go to a board member.
Industry publication FreightWavesin a story citing unnamed people familiar with the matter late on Friday that C.H. Robinson chose Bozeman, currently vice president of the customer services division and enthusiast brands at Ford.
The stock closed up almost 3% on Friday after a late session paring of gains after the story was published. It last traded at $92.50, after touching its lowest level since early April.UBS analyst Thomas Wadewitz said the appointment would be surprising as a CEO with "a strong transportation background could be a positive for CHRW."
"The potential new CEO has less direct transportation experience than we would have anticipated," Wadewitz wrote in a research note. Reuters had reported in March that C.H. Robinson was in advanced talks to name former United Parcel Service Inc
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