Old Dominion board member resigns
A board member has resigned from Thomasville-based Old Dominion Freight Line, leaving the company's board and audit committee with too few independent members and out of compliance with Nasdaq rules.
Independent director W. Chester Evans III tendered his resignation to the company's board on Monday, starting that he was no longer "able to continue to devote the time and attention necessary to properly represent the shareholders," according to a news release from Old Dominion. Evans served as chairman of the company's compensation committee and a member of both the audit committee and governance and nomination committees.
After Evans's resignation, Old Dominion is no longer in compliance with Nasdaq's requirements for the composition of its boards. The company has time to regain compliance and plans to immediately launch a search process to replace Evans.
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1]
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Posted on January 28, 2008 6:50 AM