- Signs for push-out forces
- After about five years on the job
- Praise, thanks and good wishes for Pierson
- Stephanie Fisher takes over in the interim
(management-change.com) — Overland Park, Kansas, November 23, 2016 — Jamie Pierson, finance chief of YRC, leaves. It is a change at short notice. As announced by YRC Worldwide Inc. in a regulatory filing published on Wednesday, November 23, 2016, James G. (Jamie) Pierson leaves the post as Chief Financial Officer at the provider of transportation services in a surprising move after about five years on the job, effective December 31, 2016.
Pierson’s duties are taken over in the interim by Stephanie D. Fisher, currently Vice President and Controller at YRC Worldwide Inc.
YRC said: “On November 18, 2016, James G. Pierson, Executive Vice President and Chief Financial Officer of YRC Worldwide Inc. …, resigned effective December 31, 2016.”
Pierson will be CFO at a privately-held building supply and material company
Pierson is resigning “to take a chief financial officer position with a privately-held building supply and material company located near his home in the Dallas, Texas metropolitan area, where his family resides,” YRC said.
The name of the company was not immediately disclosed.
YRC further said: “Mr. Pierson has commuted from Dallas for the last eight years beginning in 2008 when he served as a financial advisor to the Company, and from 2011 to the present while serving the Company as Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of YRC Worldwide Inc. since October 28, 2016.
Marc Lasry holds 14.41 percent stake
Marc Lasry reported a 14.41 percent stake in YRC Worldwide Inc. as of June 30, 2016. Marc Lasry is a billionaire Moroccan-born American hedge fund manager.
Chaired by James E. Hoffman
YRC Worldwide Inc. is chaired by James E. Hoffman.
James L. Welch has been the Chief Executive Officer at YRC Worldwide Inc. since July 22, 2011.
On the job as CFO since 2011
Pierson has been the Chief Financial Officer and Executive Vice President of YRC Worldwide Inc. since November 3, 2011.
Pierson served as the company’s interim chief financial officer since August 2011.
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.
Generally speaking, when a top manager announces to step aside with no permanent successor in place, it’s a sign that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Jamie Pierson’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 44.2016 ($).