OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced that transportation industry veteran James L. Welch, a former President and CEO of Yellow Transportation, has been named as the company's new Chief Executive Officer. Mr. Welch was appointed CEO, effective immediately, by the new YRC Worldwide Board of Directors today.
"YRC Worldwide is pleased to announce that James L. Welch will lead the newly restructured company forward," said YRC Worldwide Board Chairman James Hoffman. "Mr. Welch brings hands-on institutional knowledge along with an employee and customer-focused approach to a company built on reliability and customer relations. YRC Worldwide is fortunate to have someone with Mr. Welch's skill set at the helm as this company moves forward. His leadership, coupled with the company's new financial liquidity, places YRC Worldwide in a strong position to regain its competitive edge in the transportation
Mr. Welch has more than 30 years of experience in the transportation sector, many of those at the senior executive level. He most recently served as President and Chief Executive Officer of Dynamex Inc., a leading provider of same-day transportation and logistics services in the United States and Canada. Mr. Welch began his career with Yellow at the age of 23 and worked his way up to the position of President and CEO (2000-2007), learning every facet of the company's operations along the way.
"This is an exciting and challenging time for YRC Worldwide, and I am pleased to have been chosen to move the company forward," Mr. Welch said. "This restructuring gives YRC Worldwide the liquidity and flexibility to refocus on its historical strengths — unparalleled customer service and transportation excellence. Those are the attributes that made YRC Worldwide the market leader and they will be the focus of this company again under my leadership."
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "places," "gives" and similar expressions are intended to identify forward-looking statements. The company's future results could differ materially from any results projected in such forward-looking statements because of a number of factors, including (among others), the effect of the restructuring, the company's ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about the company's ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense
volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the three months ended March 31, 2011.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn,
and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive less-than-truckload (LTL) network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Linden, Alschuler & Kaplan
Web site: www.yrcw.com
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