Ryder Board Selects Gregory T. Swienton Chairman To Succeed M. Anthony Burns, Who Is Retiring May 3rd

    MIAMI--March 28, 2002--The board of directors of Ryder System, Inc. today announced that Gregory T. Swienton, who has been President and Chief Executive Officer since November 2000, will also become Chairman of its board of directors, effective May 3, 2002. Swienton has served as a member of the board since June 1999.
    The board also announced the retirement of M. Anthony (Tony) Burns, who joined Ryder in 1974 and who has served as the Company's Chairman since May 1985. Mr. Burns will not stand for re-election to the board of directors and will retire from the board, becoming Chairman Emeritus, following the Company's May 3, 2002 annual meeting of shareholders.
    "It has been a great personal honor to help shape this organization into a global industry leader over the past 28 years," said Burns. "For the past several years, I have been working closely with Ryder's board of directors on an organized plan that would allow me to move toward retirement while playing a very active role in helping the Company achieve a smooth and effective transition to its new leadership. Those efforts included recruiting a group of very high quality senior managers to lead Ryder, and gradually transferring my responsibilities as the Company's President in 1999, Chief Executive Officer in late 2000 and, now, my final role as Chairman in 2002. Based on my observation of the performance and character of Greg Swienton and the other members of Ryder's new leadership team, I am highly confident the timing is right for my decision. The Company, its employees and shareholders will be well served by the team that is now in place."
    Burns joined the Company's Finance organization in 1974 and before the end of that decade was elected Ryder's president and chief operating officer. He was later elected chief executive officer in January 1983 and chairman of the board of directors in May 1985.
    In commenting on Burns' contributions, Swienton said: "Tony Burns has worked diligently to recruit and develop a very strong team of leaders and establish a culture that values the highest standards of business conduct, diversity, professional development, safety and corporate responsibility. He has also conscientiously and effectively ensured continuity during the transition to a new management team."
    Following his retirement from the Ryder board of directors, Burns will remain active on the boards of directors of J. P. Morgan Chase & Co., Pfizer Inc., The Black & Decker Corporation and J.C. Penney Company, Inc. He will also continue to serve as a member of The Business Council, chairman of the Second Century Fund of the Performing Arts Center Foundation of Greater Miami, member of the University of Miami board of trustees and appointee to The Coca-Cola Company's task force on human resource issues.
    Ryder's new Chairman, Greg Swienton, joined Ryder as president and chief operating officer in June 1999, from his former position as senior vice president - growth initiatives of Burlington Northern Santa Fe Corporation (BNSF). Before that, he headed several BNSF Business Units (Coal and Agricultural Commodities, Consumer and Industrial). He had joined the former Burlington Northern Railroad in June 1994 as executive vice president - Intermodal Business Unit and held that position until his new assignment as senior vice president when Burlington Northern Santa Fe Corporation was formed in 1995.
    Earlier, Swienton served for 6 1/2 years with DHL Worldwide Network in Europe, initially as managing director of Continental Europe and then as executive director for Europe and Africa. Additionally, he served as vice president and general manager of DHL Airways in the U.S. Before that, he held various sales, marketing and national account management positions with Illinois Bell Telephone Company and with AT&T.

    About Ryder

    Ryder provides leading-edge logistics, supply chain and transportation management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers' entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.
    For the fifth consecutive year, Ryder was featured in the 2001 Fortune Most Admired Companies survey of corporate reputations and has ranked among the top five in its industry category since 1997. Forbes named Ryder to its "Magnetic 40" as "Best in Transportation and Logistics" for creating a "network of partnerships that can spur growth, innovation and most important, serve customers better." InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the fourth consecutive year, Inbound Logistics recognized Ryder in 2001 as the top third-party logistics provider. The National Safety Council selected Ryder to receive the 2002 Green Cross for Safety Medal - its highest honor - for exemplary commitment to workplace safety and corporate citizenship.
    Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. With 2001 revenue of $5.01 billion, Ryder ranks 333rd on the Fortune 500 list and 319th on the Forbes 500.
    For more information on Ryder System, Inc., visit http://www.ryder.com.