Industry news

| December 12, 2008

Ruthvin has run BR&B Enterprises with his father-in-law for 20 years. Ruthvin’s son, Christopher, nominated him by writing an essay for the Dickies 2005 Worker of the Year contest.

“Most of the time he works over a 50-hour week and still has to come home every night and do his paper work and pay bills. He is a great man who doesn’t always get the thanks he needs,” wrote Christopher.

Like the other state winners, Ruthvin wins more than $500 in cash and prizes.

Dickies announced its national 2005 American Worker of the Year is Tim Carroll of Bartlett, Tenn., a security-company accountant who also remodels homes in low-income Memphis neighborhoods.

Carroll wins a 2006 Dodge Ram 1500 Quad-Cab pickup truck and an all-expense paid trip for two to the Grand Ole Opry in Nashville.

Thousands of entries were submitted for the contest.
-LANCE ORR


CEO TO PAY $1.26 MILLION TO SETTLE STOCK-TRADE SUIT
While neither admitting nor denying any wrongdoing, Swift Transportation CEO Jerry Moyes agreed to pay $1.26 million to settle a federal Securities and Exchange Commission lawsuit over insider stock trading.

Swift announced Sept. 21 that it has been advised by the SEC that no action would be taken against the company in connection to Moyes’ stock trades.

In May 2004, Moyes purchased 187,000 shares of company stock in the two days before Swift publicly announced better-than-expected earnings and a share buyback.

The executive made an unrealized $622,000 profit.

The next month, Swift’s board forced Moyes to place his gain in a trust. That money – plus interest and a civil penalty equal to that amount – makes up the $1.26 million settlement, according to Swift officials.

“We are pleased this matter is behind us, and looking forward, we will continue to concentrate on improving our operating results,” says Robert Cunningham, Swift’s chief operating officer.

Moyes stepped down as Swift’s president in November 2004 and will step down as CEO at the end of this year.
-STAFF REPORTs


INTEREST GROWING IN BIODIESEL
In a single week this fall, Minnesota became the first state to mandate a 2 percent biodiesel mix for all diesel fuel, a Texas company announced plans to build a biodiesel plant, and California Gov. Arnold Schwarzenegger signed a law allowing public agencies to use vehicles that can run off biodiesel blends.

Record prices at the pump for traditional diesel have made biodiesel’s price more competitive and its stable resource base more attractive.

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