Ryder System selected C.J. “Corky” Nelson as senior executive vice president of finance in what some analysts think may be the first of several top managerial changes.
Nelson joins Miami-based Ryder from Koch Industries, a large, privately held petrochemical and agribusiness firm based in Wichita, Kan. He had been president of Koch Capital Services since 1992.
Ryder Chairman M. Anthony Burns said Nelson will bring “a wealth of experience and a set of skills that will be critically important as we continue the process of changing Ryder into a less asset-intensive, more services-oriented company.”
Nelson has experience in innovative financing for equipment portfiolios such as securitization, in managing large lease portfolios and in overseeing finance companies, Burns said.
He also brings knowledge of international finance and executing mergers and acquisitions — $3.5 billion of acquisitions in the past year, Burns said.
Nelson succeeds Edwin A. Huston, who will become vice chairman and will oversee external contacts for the company.
Some analysts say they expect Burns to give up some responsibilities — he serves as chairman, president and chief executive officer — as part of an effort to improve performance in the wake of disappointing financial results.
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