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YRC... When Troubled Companies Lose Their CFO (YRCW)
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YRC Worldwide Inc. (NASDAQ: YRCW) has not gone without loss, nor without shareholder controversy. Now investors who are already facing severe losses get to digest news that the company’s Chief Financial Officer is leaving.
The company issued a press release with news that Sheila Taylor is leaving the post of Executive Vice President and Chief Financial Officer. Her effective departure date is March 31, 2011.
The reason cited was not one that is a conflict over the finances as some might have feared if you have followed the company’s decline. The other side of the argument is that it is hard to imagine being happy at all under YRC’s circumstances. The company’s citation noted that Taylor was leaving “to pursue opportunities outside of the less-than-truckload industry.. She has been the CFO since October 2009 and was Vice President of Investor Relations and Treasurer prior to that.
William Trubeck, a member of the board since 1994, is said to be taking over as interim Executive VP and CFO while the company completes its restructuring efforts. Trubeck’s experience is said to be more than 30 years in executive leadership positions for Fortune 500 companies including specific experience as the CFO at H&R Block, Waste Management, and International Multi-Foods. YRC also noted that Trubeck has led a variety of restructuring efforts during his career.
So far there is no adverse reaction here to the news. Shares are actually up a penny at $2.51 before the open.
JON C. OGG
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