The Sureway employee caught on dash cam footage narrowly missing oncoming traffic near Tallangatta will keep their job.
Chief executive Matthew Hall confirmed to The Border Mail the employee will remain with the company and undergo further driver training.
"Our internal investigation has concluded and we have applied disciplinary action to the employee as seriously as we can under the circumstances," he said.
"They will remain with us."
Mr Hall did not want to confirm the name of the employee who was driving or what branch they were attached to.
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"I am concerned with some of the comments online directed towards them and we won't be releasing that information," he said.
"They are definitely aware of the very serious nature of the incident.
"They got a huge fright and were very shaken but they are very aware of how dangerous it was."
Mr Hall said the company had reached out to the truck driver who captured the footage and the driver of the oncoming ute, but had not been able to contact them.
"We are just glad no one was hurt," he said.
Police are still investigating the incident.