YRC Worldwide has made yet another series of changes in its executive suites.
But will these latest changes help stem the flow of red ink stemming from the $8.9 billion concern? The largest trucking conglomerate in the U.S., YRC has closed terminals, rearranged its geographic coverage, changed its marketing, is heavily discounting its services and still lost $257 million in the first quarter of this year.
Its losses for the last nine quarters are approaching $2 billion. It is dangerously close to violating its loan covenants and may not be profitable in the second quarter. Will rearranging the names on some senior executives' suites make much difference?
Memo to insiders in the trucking industry who may be considering a career move to Overland Park, Kan., home of troubled LTL giant YRC Worldwide:
If you're moving to Overland Park, it might be wise to rent, not buy. And if your nameplate is attached to your door in tape, that might not be a good sign either.
YRC is making yet another series of changes in his senior management team at the $8.9 billion LTL carrier.
YRC President and COO Mike Smid, a trusted and proven former CEO of Roadway Express, gets more responsibility and is charged of all of YRC's regional and national networks. Full Story.....