Less-than-truckload carrier Yellow Corp. announced Monday that interim CFO Dan Olivier will hold the position on a permanent basis effective immediately.
Olivier assumed CFO duties last October, following the resignation of Jamie Pierson. Pierson ran Yellow’s (NASDAQ: YELL) books when it obtained a $700 million CARES Act loan in July 2020. That loan has been highly scrutinized since by members of Congress and remains an item of interest in an ongoing probe.
A recent filing shows shares received by the Treasury Department, as part of the transaction, have been registered for sale. The government’s nearly 16 million-share stake equaled 31% of all outstanding shares as of the end of the second quarter.
“With more than 25 years at the company, and half of those years at the VP level, consistency in Dan’s leadership will allow a very seamless transition as he assumes the role of chief financial officer,” said Darren Hawkins, CEO.
Olivier served as VP of financial planning and analysis prior to taking the head finance position on an interim basis. He will continue to handle “responsibility for corporate finance, treasury, investor relations, accounting, tax and risk management/internal audit functions at Yellow,” according to the press release.
Olivier will also continue to facilitate the consolidation of all of the company’s LTL brands and its logistics company under one umbrella, operating on the same technology platform. Part of the transformation includes the use of the government loan to reduce the company’s cost structure by replacing older tractors and trailers with new units.
“On behalf of Yellow’s executive leadership and board of directors, we are thrilled with the leadership and knowledge Dan has brought to the Company and we are excited to see Dan promoted to CFO as we continue making significant progress on our journey to One Yellow,” Hawkins continued.
In April, Yellow announced that Darrel Harris, who came in to head the strategic initiatives, would take over as president. The company announced the departure of COO T.J. O’Connor and Chief Network Officer Scott Ware on the same day.
A separate filing with the Securities and Exchange Commission stated that Olivier’s compensation plan will include a base salary of $450,000, continuation in a short-term incentive program with potential payouts equal to 100% of base salary with a maximum payout of 200% of base, and other long-term incentive opportunities. The comp plan also includes a fully vested restricted stock unit (RSU) award of $75,000 and an RSU award equaling $1.5 million with vesting over a five-year period.
“While I do not expect much will change for me day-to-day, I’m extremely proud to step into the role of CFO, officially,” said Olivier. “I look forward to leaning into my background that is focused heavily on operational finance and strategy to lead the financial aspects of our One Yellow transformation.”