With Refinancing Transaction Successfully Completed, Harry Wilson Resigns From YRC Worldwide Board of Directors
March 03 2014 - 8:29PM
YRC Worldwide Inc. (Nasdaq:YRCW) announced today that Harry J.
Wilson has offered his resignation as a member of the YRC Worldwide
Board of Directors. Wilson has served on the Board since 2011 and
along with his firm, MAEVA Group, LLC, (MAEVA), led the recently
completed series of transactions that significantly reduced
corporate debt, brought in fresh equity and lowered interest
payments. The complex transactions involved numerous financial
stakeholders and is now in effect. Mr. Wilson asked that his
resignation be accepted immediately so that YRC Worldwide and the
International Brotherhood of Teamsters can identify a new member of
the Board who has expertise in trucking, supply chain logistics and
customer service to take his place.
"Successfully completing the series of recent transactions and
laying the foundation for a competitive, customer service focused
YRC Worldwide has been one of the most fulfilling experiences of my
career. This was a complicated set of financial transactions that
had to be completed in a short period of time and all the while we
stayed totally focused on preserving 32,000 jobs," stated MAEVA
Chairman and CEO Harry Wilson. "I am proud of my team at MAEVA for
their work in preserving a company with a great heritage in the
unionized LTL industry, and we wish all of the YRC Worldwide team
an even brighter future," concluded Wilson.
"On behalf of the Board of Directors and YRC Worldwide employees
I want to thank Harry for his service as a Board Member. His
unyielding commitment to the company and its employees resulted in
a series of transactions that helped save 26,000 union trucking
jobs and an additional 6,000 non-union jobs all the way from
California to New York," stated YRC Worldwide CEO James
Welch. "Harry combines a sharp financial mind with a unique
ability to align the interests of financial stakeholders while
preserving the jobs of those employees who move our customers'
freight. The tenacity, compassion and spirit that Harry
previously brought to President Obama's Auto Task Force was also
evident in his work for YRC Worldwide, producing important results:
a more sustainable company and preservation of the
livelihoods of nearly 100,000 union family members," added
Welch.
The company will meet with the International Brotherhood of
Teamsters to seek their nomination to fill the open Board
seat. The International Brotherhood of Teamsters has the right
to nominate two members for Board service under the terms of the
2011 restructuring agreement. Douglas A. Carty currently
serves as one of the two board members.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in
Overland Park, Kan., is the holding company for a portfolio of
successful companies including YRC Freight, YRC Reimer, Holland,
Reddaway, and New Penn. YRC Worldwide has one of the largest, most
comprehensive less-than-truckload (LTL) networks in North America
with local, regional, national and international capabilities.
Through its team of experienced service professionals, YRC
Worldwide offers industry-leading expertise in heavyweight
shipments and flexible supply chain solutions, ensuring customers
can ship industrial, commercial and retail goods with confidence.
Please visit www.yrcw.com for more information.
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter:
http://twitter.com/yrcworldwide
CONTACT: Investor Contact:
Stephanie Fisher
913-696-6108
investor@yrcw.com
Media Contact:
Suzanne Dawson
LAK Public Relations, Inc.
212-329-1420
sdawson@lakpr.com
YRC Worldwide (NASDAQ:YRCW)
Historical Stock Chart
From Mar 2024 to Apr 2024
YRC Worldwide (NASDAQ:YRCW)
Historical Stock Chart
From Apr 2023 to Apr 2024