MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and commercial fleet management solutions, announced it will provide $30 million in bonuses to nearly 30,000 of its frontline employees in North America in appreciation for their extraordinary efforts during the pandemic.
“As an expression of gratitude to Ryder’s drivers, technicians, service employees, rental counter agents, dispatchers, and warehouse employees who have been the backbone of Ryder’s response to the pandemic, we will be granting a special recognition bonus,” said Ryder Chairman and CEO Robert Sanchez. “Throughout the COVID-19 pandemic, these dedicated employees have made extraordinary efforts to keep our company strong, our communities healthy, and our economy moving, and I am incredibly proud of how they faced this pandemic head-on to support our customers.”
Eligible full-time Ryder employees in the United States will receive $1,000, while part-time employees will receive $500, to be paid out ahead of the holidays on December 14. This investment by Ryder will result in a one-time expense of approximately $30 million in the fourth quarter.
Throughout the past eight months, most all of Ryder’s locations and operations have remained open for business, with temporary closures for cleaning and disinfecting as needed, supporting many customers to keep the flow of essential products moving into our communities.
“In a year like no other, I’m proud of Ryder’s employees for what they have accomplished and I’m grateful for the care they’ve provided our customers and communities,” adds Sanchez. “Ryder’s success this year is a direct result of our employees turning our purpose into action and meeting our customers’ changing needs day after day.”
To see how Ryder employees have been helping customers manage their changing transportation and supply chain needs during the pandemic, and most importantly doing it safely, watch this video on Ryder.com.
Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and commercial fleet management solutions, including full service leasing, rental, and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillment, and last mile delivery services, to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, Canada, and the United Kingdom. In addition, Ryder manages more than 250,000 commercial vehicles and operates more than 300 warehouses encompassing approximately 55 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmentally friendly solutions, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.