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).