Horizon CEO steps down
Horizon Lines chief executive Sam Woodward has resigned, and a board member has taken the helm of the company on an interim basis.
The US containership owner did not give a reason for Woodward’s departure in a filing with the US Securities & Exchange Commission. He also has resigned as president and as a member of the Charlotte, North Carolina-based company’s board of directors.
Board member Steve Rubin has been appointed interim president and chief executive, Horizon said.
The former K Line executive currently works as an intermodal industry consultant through his own firm, InterPro Advisory. He also was chief executive of chassis leasing company TRAC Intermodal.
"Mr Rubin has been a key member of the Board for the past several years, and the Board is confident in his ability to lead Horizon Lines," a Horizon Lines spokesman said. "Mr Rubin knows the industry extremely well and has a deep understanding of Horizon Lines’ strategy, management team and business potential."
Woodward will receive a $250,000 severance payment, which amounts to five months of base salary. Rubin will receive $75,000 per month while he remains CEO.
Woodward, 65, had been chief executive of Horizon Lines since June 2012, when he succeeded interim boss Stephen Fraser. He joined Horizon Lines from Traffic Tech, a freight forwarder.
Horizon Lines, whose shares trade over the counter, owns 13 containerships that are all qualified to operate under the Jones Act cabotage law.
