Flying J CEO Resigns
OGDEN, Utah -- Following Flying J's declaration of Chapter 11 bankruptcy less than a month ago, its longtime president and chief executive officer, J. Phillip Adams, resigned and was replaced by Crystal Call Maggelet, chairman of the board and daughter of Flying J founder Jay Call.
Company spokesman, Peter Hill, told The Salt Lake Tribune the company would not discuss the reasons for Adams' departure, and Adams was unavailable for comment.
"Given the challenges our company is currently facing … it is essential that we look forward," Maggelet said in a statement, adding thanks to Adams for his service. “To maintain continuity of vision, the board has asked me to assume an active role in the day-to-day operation of the company, which I am pleased to take on."
Maggelet has served on Flying J's board for more than 20 years.
Flying J's Chapter 11 filing on Dec. 22, 2008, allows the company to address its liquidity needs, which stem from the steep decline in oil prices, coupled with the credit market turmoil.
"Even though Flying J today is a successful and historically profitable company, it faced near-term liquidity pressure from an unprecedented combination of factors," Adams said in a statement when the filing was announced.
All of Flying J’s operations, including approximately 250 truck stops and fuel stops, were expected to remain open and operational with no layoffs necessary.
Company spokesman, Peter Hill, told The Salt Lake Tribune the company would not discuss the reasons for Adams' departure, and Adams was unavailable for comment.
"Given the challenges our company is currently facing … it is essential that we look forward," Maggelet said in a statement, adding thanks to Adams for his service. “To maintain continuity of vision, the board has asked me to assume an active role in the day-to-day operation of the company, which I am pleased to take on."
Maggelet has served on Flying J's board for more than 20 years.
Flying J's Chapter 11 filing on Dec. 22, 2008, allows the company to address its liquidity needs, which stem from the steep decline in oil prices, coupled with the credit market turmoil.
"Even though Flying J today is a successful and historically profitable company, it faced near-term liquidity pressure from an unprecedented combination of factors," Adams said in a statement when the filing was announced.
All of Flying J’s operations, including approximately 250 truck stops and fuel stops, were expected to remain open and operational with no layoffs necessary.