Friday, August 15, 2008

YRC Worldwide CFO Bruffett leaves for Con-way

YRC Worldwide Inc. has lost a top executive to a competitor.

About three weeks after fielding questions about YRC in an earnings call, CFO Stephen Bruffett has resigned to take the same position with Con-way Inc. He had held the position since late 2007 and had worked at YRC about 10 years.

Paul Liljegren, YRC’s chief accounting officer, has stepped into Bruffet’s former position on an interim basis, YRC said in a Thursday release after the market closed. Liljegren will continue in his current role, which also includes vice president and corporate controller titles.

“As the executive responsible for overseeing our accounting practices and his previous experience in treasury, audit and other financial functions, Paul is well-versed in all of the aspects of our business, and we fully expect that he will easily and seamlessly fill in as our interim CFO,” YRC Chairman and CEO Bill Zollars said in the release. “We have already begun to identify and evaluate internal and external search candidates to replace Steve.”

Liljegren has been at YRC since 2004 and took his current role in 2005.

In a Thursday release, Con-way CEO Douglas Stotlar called Bruffett a “seasoned transportation executive.”

“He is highly respected in the financial community and holds a well-earned reputation as a skilled manager with broad knowledge and expertise in our industry,” he said.

Con-way, based in San Mateo, Calif., is a freight transportation and logistics services company with 2007 revenue of $4.4 billion.

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