STG Logistics names UPS veteran as CEO after $1bn debt cut
Jack Holmes takes over as STG Logistics slashes 90% of its debt and secures $150m in new capital
STG Logistics has appointed Jack Holmes, a 37-year UPS veteran, as its new CEO following a sweeping financial restructuring that wiped out over $1bn in debt and injected $150m in fresh capital. The leadership shake-up, announced on Monday, marks a pivotal shift for the asset-based intermodal marketing company as it accelerates growth after emerging from Chapter 11.
Holmes, who retired from UPS in 2016 after serving as president and CEO of UPS Freight, brings a rare blend of operational depth and industry expertise to the role. His appointment follows the successful completion of STG Logistics’ pre-packaged Chapter 11 agreement in January January, which reduced the company’s funded debt by 90% and positioned it for expansion. The new CEO will also join the company’s board, reinforcing its strategic direction.
The leadership transition comes as STG Logistics strengthens its executive team. Clinton Smith, a financial leader with 25 years of experience, has been named interim chief financial officer, succeeding Tyler Holtgreven, who will remain with the company until 1 November.
Why STG Logistics’ debt restructuring matters for the freight sector
Anderman, who took the helm in April 2025, navigated STG through a turbulent period, securing a 90% reduction in funded debt and attracting $150m in new capital from investors such as Fortress, Fidelity, and Invesco.
Gary Enzor, STG’s newly appointed chairman, praised Anderman’s leadership, stating:
“On behalf of the Board, I want to thank Geoff and Tyler for their leadership through one of the most pivotal periods in the Company’s history. Thanks to their efforts, STG’s new leadership team inherits a strong foundation and real momentum, and we look forward to partnering closely with them to deliver on the significant opportunities ahead.”
Gary Enzor·Chairman of STG Logistics
The debt reduction and capital infusion have positioned STG Logistics for aggressive growth.
New board members bring industry heavyweights to STG Logistics
Alongside Holmes’ appointment, STG Logistics has expanded its board with the addition of four new directors: John Labrie, Joe Troy, Dave Ebbrecht, and Darren Hawkins. Hawkins, the former CEO of Yellow Corp., brings firsthand experience from one of the most high-profile collapses in the trucking industry, as Yellow ceased operations in July 2023.
Enzor, who led Quality Distribution from 2004 until its sale to CSX in 2021, emphasised Holmes’ qualifications in a statement:
“Jack has spent his entire career in this industry, from the loading dock to the CEO’s office, and he brings a rare combination of operational depth and experience building and scaling businesses. He is the right choice to lead STG as it accelerates growth and continues investing in the business.”
Gary Enzor·Chairman of STG Logistics
The board’s composition now includes a mix of industry veterans and financial experts, with existing director Tom Donohue providing continuity.
His track record at UPS, where he led UPS Freight through significant transformations, suggests a focus on efficiency and scalability, key factors for STG’s success in a post-restructuring environment.
For now, the logistics sector can take comfort in the fact that STG Logistics has not only survived its financial crisis but has emerged stronger, with a leadership team equipped to navigate the complexities of an evolving market. The next chapter for the company will likely hinge on its ability to leverage its newfound financial flexibility while maintaining the operational excellence that has defined its legacy.
Sign up free to ask CAMAL AI for a summary, the key points or anything else about this story.
Related stories
CAMAL AI
Financial Ports Newsletter
The maritime economy, every morning
Ports, shipping and freight markets in one short email. Free.
