Pinnacle Logistics CEO Thomas Malone announced on Twitter that he will step down as CEO in December, and he has said that he plans to stay on as CEO for “a long time.”
According to Malone, Pinnacle’s growth has been “staggeringly fast,” and he said that it will take a while for the company to recover from the “huge impact” that the recent hurricanes have had.
The announcement comes after an investigation into Pinnacle over allegations that its business model has been too lucrative for shareholders, with the company having a total of $1.8 billion in debt.
In February, Pignatelli & Co. (P&A), the investment bank that Malone founded, announced that it had hired former Merrill Lynch CEO John Gartner as its new chief investment officer, citing his track record in the financial services industry.
P&’s new chief executive, John Gabor, is a partner at Goldman Sachs, where he served as a vice chairman of the firm’s Investment Management and Risk Group, according to a statement.
Malone said that Gabor will be “responsible for all strategic decisions” related to Pinnacle.
“P&AM is not going anywhere.
We have been able to successfully grow and invest in our business through the last six years.
P&AM remains a company that has strong corporate culture and an outstanding board,” Malone said in the statement.”
We have always had great investors who have supported us.
We are thrilled that our board and leadership team are making good on our promise to bring a great and exciting future to P&,” Malone added.
Pinnacle is currently in the process of hiring an external lead for its corporate finance team, according a spokesperson for the firm.
Malone did not provide a comment on the nature of that hire.
The company was founded in 2014 and is the second-largest private aerospace company in the U.S. after Boeing Co.
Pioneer is a private, wholly owned subsidiary of General Dynamics.
The firm’s CEO, David Naughton, announced last month that the firm had “the most ambitious expansion strategy in history,” adding that the company was aiming to grow its sales volume by 20% over the next two years.
Pinns plan to “revisit” its entire revenue structure, as well as its product line and business model, in order to “grow” faster, he said.
Penguin has not responded to a request for comment.
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