Joe Vitiritto, CEO of PAMT, to resign; Moroun appointed interim CEO

After leading P.A.M. Transport (PAMT) for almost five years, CEO and President Joe Vitiritto announced his resignation, which will be effective on June 27, as detailed in a recent SEC filing. Vitiritto, who had previously worked at Knight-Swift Transportation for 17 years, cited family reasons for his departure. However, he will remain involved with the company as a consultant post-resignation, offering his expertise to senior management as needed, and will be compensated at a rate of $8,000 per week for a year.

Although Vitiritto was not required to provide a six-month notice for his resignation, he will still be governed by non-compete and non-solicitation agreements. In his absence, Matthew Moroun, the Chairman of P.A.M. Transport’s Board of Directors, will step in as the interim CEO and President until a permanent replacement is found. Moroun previously served as the interim CEO and President of the company from May 2020 to August 2020.

P.A.M. Transport reported a net loss of $8.1 million in the first quarter of the year, with total revenues decreasing by 14.9% to $155.3 million. The truckload segment operating ratio also increased significantly to 110.9% from 104.2% in the same quarter of the previous year. Notably, in 2024, the company experienced losses in the second and fourth quarters, with the fourth quarter alone showing a loss exceeding $31 million. Vitiritto did not offer a statement in the company’s recent earnings report, marking his second consecutive absence from the quarterly commentary, a departure from his usual practice of providing statements.

As P.A.M. Transport navigates this transition period, the company will rely on Moroun’s leadership to guide it through this challenging time. His experience within the company, combined with Vitiritto’s continued involvement in a consultant capacity, will hopefully ensure a smooth transition and continued success for P.A.M. Transport in the future.