Ryder System (R) to Repurchase Up to 1.5 Million Shares

Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, announced that its Board of Directors has authorized a new share repurchase program to mitigate the dilutive impact of shares issued under the company's employee stock plans. The new program replaces Ryder’s previous anti-dilutive program, which expired in December 2019.

Under the new anti-dilutive program, Ryder management is authorized to repurchase up to 1.5 million shares of common stock issued to employees under the company’s employee stock plans from December 1, 2019 through December 11, 2021. Share repurchases will be made periodically in open-market transactions using the company's working capital, and are subject to market conditions, legal requirements, and other factors. In addition, management has been granted the authority to establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the repurchase program. As of September 30, 2019, the company had 53.3 million shares of common stock outstanding.

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