YRC Worldwide is hiring Tom Gerke, former president and CEO of communications firm Embarq, as general counsel and executive vice president, effective Jan. 3.
Gerke replaces Daniel Churay, who left Overland Park, Kans.-based YRC in the fall to run Rex Energy, an oil and gas company in State College, Pa. He joins the nation’s largest trucking operator as it searches for a CEO to replace William D. Zollars, who is expected to leave the company this year.
Gerke steered Embarq through its $11.6 billion acquisition by CenturyTel, now CenturyLink, in 2009. Before Embarq, he worked for Sprint Nextel. Both are headquartered in Overland Park, Kan.
“Tom has extensive experience with Fortune 500 companies in leadership roles, and his legal experience includes regulatory, external affairs and partnering with corporate boards of directors,” Zollars said in a statement.
“He is uniquely positioned to help lead our legal organization as we work to recapitalize our balance sheet and finalize our comprehensive recovery plan,” he said.
YRC Worldwide is asking the Teamsters union and pension fund managers for more time to restructure the trucking company’s troubled balance sheet.
YRC announced an agreement with lenders on Tuesday that extends payment terms on a credit plan and asset-based securitization facility until May 2011, including a requirement to recapitalize its balance sheet by Feb. 28.
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