- Push-out Score suggests push-out forces
- After seven years in the position
- Praise and good wishes for Welch
- Darren Hawkins taking over
- Welch spoke at length and said 85 words
(exechange) — Overland Park, Kansas, December 13, 2017 — James Welch, chief executive of YRC, leaves. His departure is made public at an early stage. As announced by YRC Worldwide Inc. in a news release and in a regulatory filing published on Wednesday, December 13, 2017, James L. Welch, Chief Executive Officer, leaves the holding company of freight shipping brands YRC Freight, YRC Reimer, New Penn, Holland and Reddaway after seven years in the position, effective July 31, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Welch’s duties will be taken over by Darren Hawkins, currently YRC Freight President at YRC Worldwide Inc.
“There’s more work to be done”
A reason for Welch’s departure from the CEO post was not explicitly given. Welch said: “I believe this is the right time for YRCW and me to make the transition. I have gotten to know personally so many of the employees who work daily to serve our customers safely. There’s more work to be done but I am proud of what has been accomplished.”
Precise information about Welch’s future plans was not immediately available.
YRC said: “On December 11, 2017, James L. Welch, Chief Executive Officer of YRC Worldwide Inc. …, notified the Board of Directors of that he intends to retire on July 31, 2018.”
Share price decline
The change follows a decline in the share price of YRC Worldwide Inc. since June 2014.
Chaired by James E. Hoffman
YRC Worldwide Inc. is chaired by James E. Hoffman.
In the position of CEO since 2011
James L. Welch has been the Chief Executive Officer at YRC Worldwide Inc. since July 22, 2011.
As chief executive officer, James Welch leads the $5 billion transportation company YRC Worldwide and its various operating companies.
YRC Worldwide is a leading provider of LTL transportation services throughout North America.
He has more than 35 years of being involved in the transportation and logistics industry.
Prior to returning to YRC Worldwide in late 2011, Welch was the president and chief executive officer of Dynamex Inc., a position he took following a 29 year career at Yellow Transportation, a YRC Worldwide subsidiary.
Welch began his career with Yellow when he was 23 and rose through the ranks to serve from 2000-2007 as president and chief executive officer.
Welch has a Bachelor of Science degree from West Texas A&M University.
In addition, he has attended the Executive Development Program at Yale University and is a regular attendee at the Center for Service Leadership at Arizona State University.
He sits on the board of directors for SkyWest, Inc., a $4.0 billion regional airline based in St. George, Utah.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered James Welch’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 51.2017 ($).