Pamt Corp. CEO resigns due to family reasons, company facing mounting losses

From Yahoo Finance: 2025-05-13 12:18:00

Pamt Corp’s President and CEO Joe Vitiritto will step down next month due to family reasons. The company reported a first-quarter net loss with its truckload segment facing a sixth consecutive operating loss, resulting in a 110.9% operating ratio.

Roughly one-third of Pamt Corp’s annual revenue is connected to the automobile industry. Vitiritto took over as CEO in August 2020 after spending 17 years at carrier Knight-Swift.

Chairman Matthew Moroun will temporarily assume the dual role at Pamt Corp starting June 27. Moroun, a director since 1992, also chairs other family-held trucking, real estate, and insurance entities, including Universal Logistics.

The Securities and Exchange Commission filing revealed Pamt Corp updated an indemnification agreement for directors and officers following its reincorporation in Nevada. The Moroun family trusts collectively own over 50% of the company’s outstanding common stock.

Read more: Pamt Corp. CEO resigns for family reasons amid mounting losses