August 27, 2009
Ivy Benson Suter named Trailer Bridge CEO
Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) has appointed Ivy Barton Suter as Chief Executive Officer, effective immediately. She succeeds Ralph W. Heim, who has served as interim CEO since December 2008. Mr. Heim will remain with the Trailer Bridge as President and Chief Operating Officer.
Trailer Bridge also reports that the positive operating trends that impacted results for the second quarter ended June 30, 2009 have continued into the current third quarter. Volumes and capacity utilization have increased for the July and August two month period compared to similar periods in the first and second quarters of 2009.
Ms. Suter has over 20 years of executive experience in a variety of industries, including marine, shipping and intermodal operations. From 2006, Ms. Suter served as Managing Director at Alvarez & Marsal, a privately-held, global services firm. During her tenure, Ms. Suter advised companies in areas such as financial and operational due diligence, M&A, and turnarounds. From 2005-2006, she served as President of Service Solutions' Tools & Equipment, N.A., a business owned by SPX Corporation, where she led a team that grew sales organically and significantly increased operating profit and cash flow. From 2001-2005, she served as President of Gast Manufacturing a unit of IDEX Corporation, where she led the growth of the Gast business.
Ms. Suter, 55, is a graduate of the U.S. Merchant Marine Academy, King's Point, N.Y., where she earned her Engineering degree and was in the first class of women to graduate from a Federal Academy. Ms. Suter is the current Chairperson of the U.S. Merchant Marine Academy Alumni Foundation.
She also has a BS in Mathematics from the University of Delaware and an MBA from the Harvard Business School.
Mr. Allen Stevens, Chairman of Trailer Bridge, stated, "We are very pleased that Ms. Suter has joined us as CEO, as her varied experience and strategic background will be invaluable in building on our success. We would also like to thank Ralph Heim for his work as Interim CEO, and look forward to his continuing contributions."
Ms. Suter noted, "I am honored to have the opportunity to lead Trailer Bridge. I believe that the company's business model provides an incredible economic value proposition for customers, as its quality and service can both fulfill their shipping needs while also lowering their costs during a difficult economic climate. I look forward to working with the Board and senior management to advance Trailer Bridge towards the next phase of its growth."