With Refinancing Transaction Successfully Completed, Harry Wilson Resigns From YRC Worldwide Board of Directors
Led Efforts to Make Company Competitive While Preserving Union Jobs
OVERLAND PARK, Kan., March 3, 2014 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (Nasdaq:YRCW) announced today that Harry J. Wilson has offered his resignation as a member of the YRC Worldwide Board of Directors. Wilson has served on the Board since 2011 and along with his firm, MAEVA Group, LLC, (MAEVA), led the recently completed series of transactions that significantly reduced corporate debt, brought in fresh equity and lowered interest payments. The complex transactions involved numerous financial stakeholders and is now in effect. Mr. Wilson asked that his resignation be accepted immediately so that YRC Worldwide and the International Brotherhood of Teamsters can identify a new member of the Board who has expertise in trucking, supply chain logistics and customer service to take his place.
"Successfully completing the series of recent transactions and laying the foundation for a competitive, customer service focused YRC Worldwide has been one of the most fulfilling experiences of my career. This was a complicated set of financial transactions that had to be completed in a short period of time and all the while we stayed totally focused on preserving 32,000 jobs," stated MAEVA Chairman and CEO Harry Wilson. "I am proud of my team at MAEVA for their work in preserving a company with a great heritage in the unionized LTL industry, and we wish all of the YRC Worldwide team an even brighter future," concluded Wilson.
"On behalf of the Board of Directors and YRC Worldwide employees I want to thank Harry for his service as a Board Member. His unyielding commitment to the company and its employees resulted in a series of transactions that helped save 26,000 union trucking jobs and an additional 6,000 non-union jobs all the way from California to New York," stated YRC Worldwide CEO James Welch. "Harry combines a sharp financial mind with a unique ability to align the interests of financial stakeholders while preserving the jobs of those employees who move our customers' freight. The tenacity, compassion and spirit that Harry previously brought to President
Obama's Auto Task Force was also evident in his work for YRC Worldwide, producing important results: a more sustainable company and preservation of the livelihoods of nearly 100,000 union family members," added Welch.
The company will meet with the International Brotherhood of Teamsters to seek their nomination to fill the open Board seat. The International Brotherhood of Teamsters has the right to nominate two members for Board service under the terms of the 2011 restructuring agreement. Douglas A. Carty currently serves as one of the two board members.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is the holding company for a portfolio of successful companies including YRC Freight, YRC Reimer,
Holland, Reddaway, and New Penn. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks 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.
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
CONTACT: Investor Contact:
LAK Public Relations, Inc.
Source: YRC Worldwide Inc.
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