Tuesday, October 08, 2013
YRCW CEO James Welch to serve as YRC Freight president
Welch has been CEO of YRCW since July 2011 and has a history with the company that spans more than 30 years. He began his career at Yellow Transportation, the predecessor company of YRC Freight, where he served 29 years, the last seven as president and CEO. During his leadership, Yellow Transportation grew from $2.5 billion in revenue to $3.5 billion.
"While the regional companies (Holland, Reddaway and New Penn) continue to provide best-in-class service and more than market-competitive margins, we recognize that we have additional work to do at YRC Freight, and we are committed to taking the necessary steps to move our business forward. Our first priority will be working through the recent optimization of the YRC Freight network, which was designed to enhance the consistent, reliable, quality service that our customers expect and deserve," Welch stated.
Under Welch's direction, YRCW has returned to its North American, less-than-truckload roots, nearly doubled its adjusted EBITDA, continued to de-risk the company's balance sheet through letter of credit reductions, and has substantially grown into its capital structure.
"From our drivers to our office personnel, I have gotten to know many of the YRC Freight team members on a personal basis through the years. I am eager to work with the team as we continue to build a company focused on safety, customer service and profitability. Now it is time to strengthen our commitment to our customers and deliver on our promise to further enhance and improve our service," said Welch.