Ryder System chief executive to retire next year, be replaced by current president and COO

, The Associated Press

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Ryder System's chairman and chief executive will retire next year and be replaced by the truck-leasing company's current president and chief operating officer.

As part of a succession plan approved by Ryder's board, Robert Sanchez, 47, will take over as chief executive effective Jan. 1, serving as president and CEO, while Gregory Swienton, 63, will move into the role of executive chairman.

Swienton will officially retire as of the company's annual shareholder meeting on May 3 and Sanchez will become chairman and chief executive. Swienton also has agreed to serve in an advisory capacity for a period of time following his retirement.

Swienton joined Ryder in 1999 as president and chief operating officer and became president and chief executive in 2000. He has served on the company's board since 1999 and was named its chairman in 2002.

Sanchez has worked for Ryder System Inc. for the past 19 years, serving in a variety of senior executive leadership positions in operations, finance, and information technology before becoming president and COO, the company said.

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