OVERLAND PARK, Kan., Nov. 3, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced that Jamie G. Pierson, 42, has been appointed the company's executive vice president and chief financial officer effective immediately. Pierson recently served as the company's interim chief financial officer since August 2011.
"We are extremely pleased and very fortunate that Jamie has agreed to come on board," said James Welch, chief executive officer - YRC Worldwide. "Jamie knows our business thoroughly bringing exceptional technical knowledge and financial acumen to this role. His outside perspective will be instrumental as we shape the future of our company."
"I am truly excited to be a member of YRC Worldwide and James' leadership team," said Pierson. "Over the past three years, I have been involved in all aspects of our financial restructuring working closely with our lenders, shareholders, other stakeholders and the company's finance team. We have made great strides over the past several months and fully expect that we will continue to do so into the foreseeable future. I am privileged to be given this opportunity and corresponding responsibility, appreciate James' and the board's confidence in me and look forward to supporting the company's future strategy and its 32,000 union and non-unionized employees."
Previously, Pierson was a Managing Director with Alvarez & Marsal North America LLC where he focused on out-of-court restructurings and senior management advisory. Prior to joining A&M, he was Vice President of Corporate Development and Integration with Greatwide Logistics Services and immediately preceding that was a Managing Director with FTI Capital Advisors, the wholly-owned investment banking unit of FTI Consulting, Inc., where he provided in- and out-of-court restructuring services to the nation's largest syndication agent including capital structure analysis, asset disposition plan review, evaluation, development and negotiation of financial covenants and reporting requirements and subsequent compliance. Previously, he was with Houlihan Lokey Howard & Zukin where he worked in the firm's financial advisory group.
Pierson earned a Bachelor's degree in Business Administration, with a concentration in Finance and Accounting, and a Master's degree in Business Administration, with a concentration in Finance and Entrepreneurship, both from the University of Texas.
"As we position the company for future growth and return YRC Worldwide to a more traditional, leaner holding company, Jamie will be invaluable and exceptionally qualified to oversee our financial strategy," added Welch.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The words "expect," "will," "future," 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 the restructuring may have on the company's customers' willingness to ship their products on the company's transportation network, 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 SEC, including the company's Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the three months ended March 31, 2011 and Quarterly Report on Form 10-Q for the three months ended June 30, 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, Holland, Reddaway, New Penn and Glen Moore, and provides China-based services through its Jiayu and JHJ joint ventures. 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.
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