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Less than TruckloadNews

Fisher out, Pierson back in as YRC CFO; board chairman named

Company reports very weak November traffic, not great in October, either

Less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ:YRCW) announced late Dec. 11 high-level management changes that include the naming of a chairman, the departure of its chief financial officer and the return of its old CFO.

Matthew E. Deheny, a financier and turnaround expert who has served on YRC’s board since 2011, was named chairman, the company said. He succeeds Jim Hoffman, who remains on the board. Stephanie D. Fisher, who was named CFO in May 2017, has left the company by mutual agreement, the company said. Fisher was at YRC for 15 years.

Jamie Pierson, who was YRC’s CFO from 2011 to 2016, has returned to the company, effective immediately, in his former capacity. Pierson also joined the YRC board. Pierson was the CFO during five turbulent years when the company recovered from near-insolvency in 2009 and 2010.

In addition, three directors — Raymond Bromark, Robert Friedman and James Winestock — have stepped down, YRC said. Bromark and Friedman accelerated their planned retirements from the board, while Winestock voluntarily resigned, the company said.

Separately, YRC Freight reported late Dec. 11 that daily LTL tonnage hauled in November by its national unit, YRC Freight, fell 10.2% from the year-earlier period. October daily tonnage dropped 4.5% compared to year-earlier levels. For the quarter’s first two months, the unit’s revenue for each 100 pounds hauled — “revenue per hundredweight” — fell 0.9% compared to a year ago. Revenue per hundredweight is the key measure of the yields generated by the freight that’s hauled. Revenue per shipment rose 1.8% year-on-year, YRC said.

At YRC’s three regional carriers — New Penn, Holland and Reddaway — daily tonnage in November dropped 11.2%, while October daily tonnage declined 5.7%. Quarter to date, revenue per hundredweight fell 0.8% year-on-year, while revenue per shipment was flat.

YRC Worldwide CEO Darren D. Hawkins attributed the results to the effects of long-running weakness in U.S. industrial activity, and a later Thanksgiving Day holiday that cut into YRC’s hauling of retail traffic in November. The December daily tonnage levels are more in line with the October results, Hawkins said.

(Note: An earlier version erroneously stated that YRC did not have a chairman).

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Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.

15 Comments

  1. All of the cry babies on here dogging YRC and wishing for bankruptcy please quit, get fired or go somewhere else!! Guarentee you’ll come crawling back!! All you cry babies are still here!!!! Why is that?? LMAO!!! Ohh, because you probably already know it’s not better anywhere else!!

    1. It would be a tragedy but it would not be a great loss I put in 20 years with the teamsters and illing I got was Jimmy Hoffa’s wiener shoved up my ass when he stole half my pension I got no sympathy for the teamsters

  2. No thankfulness can lead to a unhappiness and a frowny face. Thank God YRC survived in the toughest of working conditions and compitions unimaginable. If you can’t see the big picture then think deeper before you embarrass yourself with a poopy post.

  3. If roadway was still in charge in CEO…cfo and all of management the company would be thriving yellow should have shut down the last time they were on the verge of filing bankruptcy. Glad I retired in 2013.

  4. Seems all the posts here are from employees of YRC.

    As a consumer–I’m not surprised they’re in trouble. Check any search engine on their customer service and/or performance and you’ll see that it can’t possibly get worse.

    I’ve ditched them as a carrier and forbid anyone to send them in here. Ridiculous re-rates that triple the price, “restricted delivery” charges that have more bogus explanations than you can imagine (‘google maps determines that’ is my favorite), unbelievably rude customer service and top it all off with a $35.00 fee that is NEVER waived to fix any of these mistakes. It took literally 6 months and no fewer than 5 half-hour to 45 minute phone calls to get one shipment straightened out. They don’t return phone calls, they don’t return emails, and from what is posted online, they’re not afraid to ruin your credit if you don’t pay their inflated charges and change fees.

    The only surprise is that it took this long to see the financial results. I’ll use any other company NOT affiliated with YRC.

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