Celadon Group Inc. said it appointed Paul C. Svindland as its new CEO, replacing Paul Will, who is retiring.

The Indianapolis-based truckload carrier also announced Michael Miller will replace Will as chairman. Miller has been a director of the company since February 1992.

These changes, which will take effect on or about July 24, comes as the company continues to sort out recent financial turmoil that has resulted in the New York Stock Exchange warning of possible delisting.

"We believe Mr. Svindland is an excellent addition to our company, especially in light of his extensive experience in helping drive operational and financial improvements at transportation companies,” Miller said.

Svindland is currently chairman and CEO of Farren International Holdings Inc., a private equity backed holding company for multiple trucking companies. Farren merged with EZE Trucking Holdings in July 2016.

Svindland also served as COO at Pacer International, and was managing director of AlixPartners LLP.

"With its large asset base, broad international network, niche businesses, and dedicated associates, I believe Celadon has tremendous untapped opportunity,” Svindland said.

Celadon said Will plans to serve as a consultant to the company through July 2018. 

"On behalf of the entire organization, I would like to thank Paul Will for his service and dedication to Celadon over the past 24 years. Paul has been an invaluable team member at Celadon, and the Company has seen many significant achievements under his leadership during the past four and a half years,” Miller said.