YRC Worldwide’s new CEO James L. Welch eliminated two executive positions at the trucking giant as he reorganizes its management team and functions.
Dismissed are chief marketing officer Gregory A. Reid and chief administrative officer James G. Kissinger. Both were also executive vice presidents.
Reid and Kissinger follow former COO Michael J. Smid, who left YRC Worldwide July 31, and former Chairman, President and CEO William D. Zollars.
YRC Worldwide on Friday released its separation agreement with Smid, who will receive $1,080,000 in semi-monthly payments through July 29, 2013. The agreement was filed with the U.S. Securities and Exchange Commission.
Mike Kelley, vice president of external affairs and chief sustainability officer, will report directly to Welch, according to a memo sent today to YRC employees. Marketing and human resources functions now will be directly aligned with YRC Worldwide’s operating companies, according to the memo.
The latest management changes show Welch putting his stamp on the less-than-truckload operator as it struggles to recover from more than $2.5 billion in losses. Welch was named CEO by the company’s new board of directors July 22, after the less-than-truckload operator closed on a $500 million financial restructuring.
Reid joined YRC Worldwide’s predecessor company, Yellow, in 1997 as senior vice president of sales and marketing. Previously, he worked for several shippers. Kissinger joined YRC Worldwide in 2008 after serving as a senior vice president at AirCell and holding positions with Sprint Nextel, Beatrice Foods and Lipton Tea.