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CH Robinson Worldwide has hired GE CFO Damon Lee to replace its retiring CFO, the company was announced Thursday.
Lee, currently vice president and chief financial officer of GE Commercial Engines and Services, a division of GE Aerospace, will start with the brokerage on July 8.
CH Robinson CEO Dave Bozeman said Lee’s experience and forward-thinking mindset align with the broker’s priorities. He said Lee built and led high-performing teams, fostered collaboration and developed personal connections that allowed him to accelerate change.
The company began searching for a new chief financial officer in January after CFO Mike Zechmeister announced his intention to retire by the end of May. Zechmeister will help the company with its second-quarter regulatory earnings filing before leaving in early July, the brokerage said.
Lee’s appointment follows the promotion of Michael Castagnetto to president of the brokerage’s North American surface transportation division in late January. The company announced in March the departure of board member Scott Anderson, who served as interim CEO between January and June 2023 following the ouster of CEO Bob Biesterfeld.
CH Robinson has focused on streamlining operations and seeking efficiencies by investing in technology while shrinking its workforce in a soft freight environment.
Bozeman said Lee is a well-rounded financial leader who has a core strength in creating and executing strategies. His experience with continuous improvement processes will help the company further streamline its operations, he said.
Lee will receive a base salary of $700,000 and be entitled to an annual bonus worth one to two times that salary, according to regulatory filing. His compensation also includes $1.8 million in equity as well as a $1.4 million signing bonus.
Lee has been with GE Aerospace since May 2021 and has been in his current role since August 2022, according to LinkedIn profile. Prior to joining GE, he held executive positions with Aptiv, Precision Castparts and Eaton.