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Less than Truckload (LTL)News

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

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

Mark Solomon
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Image: Jim Allen/FreightWaves

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).


15 Comments

  1. Mark

    I will try reverse psychology here…

    Do not turn up the governor speed from 62.5 to 67, keep using majority of sleeper teams to haul freight, save money by only putting new drive tires on one side of the tractor, hire more dispatchers, do not fix ELD issues, hire ex-cons, use more contract labor, do not do turn and meets.

  2. craig radcliffe

    Yrc will never get new equipment. Yrc bringing back the old CEO who put the company where it is. Yrc need to clean house get these people off the board. Since they been on the board the company has gotten worse. Close the company they will never make it. January 2020 a 500 million payment is due n no money why cus they keep giving bonuses n paying these people high dollar but pay their employees shit really. Close the fucking doors.

  4. Bill

    Yrc needs new equipment and to hire more dock help, and more drivers. They have customers shipping with other companys , because they don’t have enough people to make the pick ups daily and to load out bound freight.

  5. Bill

    Yrc needs new equipment and to hire more dck help, and more drivers. They have customers shipping with other companys , because they don’t have enough people to make the puck ups daily and to load out bound freight.

  6. Ronald Holston

    Holland and YRC have the slowest equipment on the highway, YRC should consider turning there equipment up not only will they be able to deliver more freight in a more productive and sufficient manner , and keep there drivers out of harms way with this ridiculous slow equipment, they will have less maintenance on the motors better fuel mileage and much happier employees the posted speed limit across most of are great land is 70 not 62, these high efficient deisel motors of today were designed to run factory specs which is 68 to 70 miles an hour, try to drive your personal vehicle on a trip and keep your cruise set at 62 mph max and you will see for yourself how DANGEROUS it really is ,

Comments are closed.

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.