Roadrunner Transportation Systems Inc. (NYSE: RRTS) announced that it has found a replacement for its chief financial officer role. Patrick (Pat) J. Unzicker has joined Roadrunner as executive vice president and CFO.
Unzicker most recently served as senior vice president, CFO and treasurer the last 13 years at Adtalem Global Education (NYSE: ATGE), formerly DeVry Education Group. Unzicker has 26 years of financial leadership experience, beginning his career with Price Waterhouse LLP as a CPA after receiving a BBA degree from Loyola University of Chicago.
“We are pleased to welcome Pat to the Roadrunner management team. His deep public-company finance and accounting experience and expertise in capital markets, strategic planning and analysis, capital allocation, M&A and financial system implementation will be an asset to our company as we continue to execute on our business strategies,” said Roadrunnner CEO Curt Stoelting.
The asset-light logistics service provider’s former CFO, Terence R. Rogers, amicably parted ways with the company at the end of August. Rogers came in to fill the CFO role in May 2017, after former CFO Peter Armbruster was terminated for accounting discrepancies. Armbruster and two former Roadrunner controllers have been indicted on charges stemming from the accounting issues. Armbruster was indicted in April on conspiracy to make false statements, falsifying the company’s books, records and accounts, and conspiracy to commit securities fraud and wire fraud.
Unzicker joins the organization at an interesting time. The company completed a capital restructuring in February with a $450 million rights offering allowing Roadrunner to lower its debt load by $389 million by replacing dividend-paying preferred shares with common stock shares. Roadrunner initiated a 1-for-25 reverse stock split in order to comply with New York Stock Exchange listing requirements in April.
Additionally, the company has reported two disappointing financial performances thus far in 2019, the most recent in August, when it recorded another big loss in the second quarter, which was far worse than the consensus estimate. The second-quarter report also announced that the company was “narrowing” its focus to the logistics and asset-light LTL segments as a means of improving return on invested capital and the company’s valuation. Further, the company said it was exploring a business unit divestiture in the press release.