STG Logistics hands Jack Holmes the CEO job after cutting debt by nearly $1B
With roughly 90% of funded debt erased in this year's restructuring, the port-to-door intermodal operator reset its C-suite and board around growth.
What was changed
STG Logistics appointed transportation veteran Jack Holmes as chief executive effective immediately, announced October 5, 2026, as the integrated logistics provider pivots from balance-sheet repair to growth. The restructuring completed earlier in 2026 under outgoing leader Geoff Anderman — who has run STG since early 2017 — cut funded debt by nearly $1 billion, roughly 90% of what the company owed.
Holmes spent 37 years at UPS, starting as a part-time package handler and rising to president and CEO of UPS Freight, which he led from 2006 until retiring in 2016; he had earlier led the integration of Overnite Transportation after UPS's largest domestic acquisition. Since UPS he has chaired ACERTUS and Emerge and sat on Werner Enterprises' board. His stated priorities: investing in STG's network, pursuing disciplined growth and strengthening service across the port-to-door platform spanning intermodal, marine and rail drayage, truckload, LTL, warehousing and transloading.
The reset goes well past the top job: Clinton Smith (25+ years, ex-CFO of a PE-backed LTL and brokerage company) becomes interim CFO succeeding Tyler Holtgreven; Cherie Schaible (interim GC at Thrasio, New Era Technology and Alvaria) succeeds Chase Welsh as interim general counsel. The board was reconstituted with Gary Enzor as chairman alongside John Labrie, Joe Troy, Dave Ebbrecht, Darren Hawkins and Tom Donohue, with Holmes joining. Ownership is led by funds managed by affiliates of Fortress Investment Group, Fidelity Management & Research and Invesco Senior Secured Management.
Why it worked
Post-restructuring the binding constraint flips from cash to execution — so the board chose a 40-year operations leader over a finance fixer
Holmes built UPS Freight out of UPS's largest domestic acquisition; scaling a network is precisely what a deleveraged STG now needs
Anderman's own framing — the restructuring work is complete, the footing solid — makes the leadership change a deliberate chapter break
Reconstituting the board with transportation and finance executives aligns governance with the investment phase the ownership group is funding
What can be applied
Restructuring buys a second life; the real decision is what the new capital structure is for — STG answered with an operator-CEO and growth spending.
Aftermath
As of October 5, 2026: Holmes is CEO and a director; the permanent CFO search is underway with Holtgreven staying through November 1 to assist the transition; Anderman remains an advisor. STG covers every major US rail ramp and port, and says capital once consumed by debt now goes toward the transportation network and growth initiatives.