Yellow taps strategy officer to lead turnaround

OVERLAND PARK, Kan.– The board of directors of beleaguered LTL giant YRC Worldwide has appointed Richard Williamson as its new chief strategy officer.

In this newly created position, Williamson will be responsible for leading the company’s effort to restore its financial strength.

Williamson serves as a managing director of Alvarez Marsal, a global professional services firm that YRC hired to help with its recovery effort earlier this year. The company also recruited Tenex Capital Management to help address the company’s financial issues.

In its most recent attempt at a turnaround, the company signed a new labor contract with its Teamster employees, which involves a 15 percent pay cut from the full National Master Freight Agreement, an 18-month termination in pension contributions and a reduction in health and welfare contributions.

However, it’s been tough sledding for YRC to hold on to its lanes in its current state as rivals like FedEx and Con-Way take advantage of customers’ anxiety.


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