Michael J. Smid, the chief operating officer of YRC Worldwide who handled the largest carrier less-than-truckload consolidation in history, left the company Friday.
New CEO James L. Welch will take on Smid’s responsibilities until YRC Worldwide finds a new president for its national LTL subsidiary, YRC Inc.
Smid, who joined Yellow in 1985, held several management posts in his career with YRC, including executive vice president at Yellow and president of Roadway. From 2007 through 2009, Smid managed the integration of YRC Worldwide’s flagship carriers, Yellow Transportation and Roadway Express, closing hundreds of terminals and shrinking payroll from about 55,000 to 34,000 employees.
The consolidation helped save the YRC Worldwide from bankruptcy, but by 2010 left LTL carrier YRC with about 300 terminals and $2.9 billion in sales.
Smid became president of YRC after completing the integration in March 2009. He retired a week after former Chairman, President and CEO William D. Zollars left the $4.3 billion company after completing a $500 million financial restructuring. His departure is the first of many changes expected under new YRC Worldwide CEO James L. Welch, a former Yellow Transportation president.
“This shows that Welch is taking charge and getting involved in the day-to-day business,” said Satish Jindel, president of SJ Consulting Group.
Senior executives at national LTL carrier YRC also will report to Welch, as well the presidents of YRC Worldwide’s other operating companies.
Contact William B. Cassidy at email@example.com. Follow him on Twitter at @wbcassidy_joc