Schneider's Class B common stock began trading on the New York Stock Exchange Thursday morning under the ticker symbol “SNDR,” following the previously announced pricing of its initial public offering.
The objectives of the transaction are to facilitate continuity of controlling ownership of one the North America's largest trucking companies by the future generations of the Schneider family, while continuing forward with its long-standing, independent and professional corporate governance structure, Schneider said.
“This allows the company to continue its commitment to Wisconsin and the communities in which we live and operate, while maintaining and enabling further investments in our long-term positioning,” says Schneider CEO Chris Lofgren. “The Schneider family, management team and Board of Directors are aligned that this is in the best interests of our company and its associates, customers and shareholders.”
Schneider driver Bob Wyatt, who has been with the company for 44 years and has logged over 5 million miles without an accident, was chosen to ring the bell to open the day’s trading at the Exchange.
“Bob is the epitome of Schneider and our culture – the standard for all professional, safety-focused drivers,” said Lofgren. “From day one of planning, we wanted the honor of ringing the opening bell to be a representative of the hard-working associates that provide the difference for our customers. I believe Don Schneider would be proud seeing Bob at the podium representing the company that he entrusted us with to carry out his vision and leadership.”
The most tenured current associate in Schneider’s fleet of over 11,000 company drivers, Wyatt was joined on the podium to celebrate this momentous moment in the company’s 82-year history by members of Schneider’s leadership team and the Schneider family, the company noted.
Morgan Stanley, UBS Investment Bank and BofA Merrill Lynch are acting as active joint book-running managers of the proposed offering; Citigroup, Credit Suisse, J.P. Morgan and Wells Fargo Securities are acting as passive joint book-running managers; and Baird and Wolfe Capital Markets and Advisory are acting as co-managers.