TEAMSTERS GENERAL PRESIDENT JIM HOFFA’S STATEMENT ON NEW YRCW CEO, BOARD

The following is a statement from Teamsters General President Jim Hoffa on YRCW’s new CEO and board of directors:

“The Teamsters Union is pleased to welcome James L. Welch to the position of CEO of YRC Worldwide Inc. and new board members Harry J. Wilson and Doug Carty. On behalf of our members, we insisted on playing a key role in the decisions regarding the selection of new management and the new board of directors of YRCW.

“We encouraged consideration of candidates that had relevant industry operating experience so the company can turn its full attention to its operations. We also encouraged consideration of candidates with experience in dealing with the company's labor partners in an honest and respectful manner.

“We are very pleased that the new YRCW board of directors was seated and has selected Mr. Welch, who we believe is the most qualified person to lead YRCW forward. We look forward to working with Mr. Welch and the new board to help guide YRCW’s sustained success and build on the momentum of this restructuring.”

Welch confirmed as YRC's next CEO

LTL trucker completes restructuring, posts Q2 results as Zollars retires

In one of the most significant days in its history, less-than-truckload carrier YRC Worldwide Inc. today named a new CEO and eight-member board of directors, formally announced the retirement of the executive who has run the company since 1999, completed a financial restructuring critical to its ongoing success, and released second-quarter results that it said shows some daylight after three dark years.

YRC confirmed late today that long-time transportation executive James L. Welch was named the company's CEO, effective immediately. Until Thursday, when his resignation was announced effective July 22, Welch was president and CEO of Dallas-based transport company Dynamex Inc. He spent nearly 30 years with YRC and its predecessor companies, the last seven as president and CEO of national LTL carrier Yellow Transportation. Yellow Transportation became YRC National following its integration with Roadway Express, which YRC bought in 2003. Full Story.....

YRCW RESTRUCTURING PLAN COMPLETED; MORE THAN 25,000 TEAMSTER JOBS SAVED

Transaction Boosts Company's Liquidity, Provides Path To Recovery

The plan to restructure YRC Worldwide Inc. aimed at saving more than 25,000 Teamster freight jobs has been successfully completed, Teamsters General President Jim Hoffa announced today.

“The completion of the restructuring is a significant accomplishment in our efforts to preserve good jobs,” Hoffa said. “Make no mistake, this transaction will help strengthen YRCW and most importantly, save more than 25,000 Teamsters’ jobs at the company.

“It has been a long, difficult road for our members at YRCW. Their significant sacrifices, support and hard work laid the foundation for the comprehensive restructuring that infused new capital, created additional liquidity, reduced debt and installed a new CEO and board. Because of the restructuring, YRCW will now have the cash to focus on operations and a new CEO and board to implement its operating plan. With these difficult three years behind us, we can look forward to a brighter future.”

The transaction provides a large boost in liquidity via a $100 million new money investment as well as expanded availability from the company’s asset-based lending facilities. It gives YRCW a runway to build on the positive momentum developed over the last six months. In addition to the financial benefits of the transaction, the company has appointed an entirely new board of directors, including two representatives nominated by the Teamsters. A new CEO, appointed by a committee led by the Teamsters National Freight Industry Negotiating Committee (TNFINC) and lenders, will also be joining YRCW.

“General President Hoffa and I are proud that this important transaction has closed and our members’ jobs and benefits will be protected,” said Tyson Johnson, Director of the Teamsters National Freight Division. “The Teamsters Union and its members look forward to being a part of YRCW’s future growth and success—both as owners and employees. Over the next several months, Teamster leaders and our board representatives will work with the new management team to help guide YRCW’s sustained success and build on this momentum.”

Also as part of the transaction, the Teamsters Union and TNFINC have negotiated a 25 percent ownership stake in YRCW for Teamster members.

YRC to wrap up $500 million restructuring, name new CEO

Trucking giant YRC Worldwide Inc. is set for an extreme corporate makeover today.

The Overland Park-based company will report its second-quarter results this morning, is to complete a $500 million restructuring later in the day and is expected to cap off its news by naming a new chief executive officer.

The leading candidate is James L. Welch, according to sources with knowledge of the company’s plans who asked not to be identified because of the sensitivity of the situation. Welch retired from the company in 2007 as president of Yellow Transportation Inc. Full Story.....