Genco names Herb Shear executive chairman, Todd Peters as new CEO
One of the country's largest third-party logistics providers announced on Wednesday major changes at its O'Hara headquarters.
Herb Shear, the 40-year chairman and CEO of privately held Genco Inc., is now executive chairman, the company's board of directors said. Todd R. Peters now serves as chief executive officer and board vice chairman, a position he has held since 2010.
The changes took effect Jan. 1.
“Under Todd's leadership, I am confident that Genco will continue to grow and provide unmatched expertise, operational excellence and value to our customers,” said Shear, who joined the family-owned business in 1970, and now will focus on the strategic direction and long-term business growth.
Peters, in his new role, will lead business initiatives, such as using Genco's position in product lifecycle and reverse logistics markets to pursue additional opportunities in technology, healthcare, retail, consumer and industrial, and government, the company said.
Genco specializes in offering warehousing, distribution, transportation, parcel negotiation and other services to Fortune 500 companies and the federal government. It has 10,000 employees at nearly 130 facilities across the continent, including more than 200 workers at its O'Hara headquarters.
In 2011, the company generated revenue of $1.5 billion.
It is the second-largest third-party logistics provider in North America and one of the top 25 such providers in the world.
The company started in 1898 as H. Shear Trucking Co. Its name changed in 1980s to Genco, a shortened form of General Commodities Warehouse & Distributing Company. It became Genco ATC in 2010 after acquiring Chicago-area ATC Technology Corp.
The company again is known as Genco with the merger completed and the ATC brand retired.
Genco revolutionized what is now known as reverse logistics — a process which involves returning to suppliers products that customers don't want or retailers don't sell. Some are returned for credit and some are placed in secondary markets, such as outlet retailers, Internet businesses or overseas.
In 1988, now-defunct discount drug chain Phar-Mor Inc. hired Genco to help with a high volume of returned merchandise.
Genco developed a software system to handle returns that later attracted clients such as Target, Wal-mart and other top retailers.
Jason Cato is a staff writer for Trib Total Media. He can be reached at email@example.com.