Yellow | Big Bonuses For Welch, Pierson, And Friel! Harry Wilson Jumps Ship!

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Big Bonuses For Welch, Pierson, And Friel! Harry Wilson Resigns!

Form 8-K for YRC WORLDWIDE INC.

3-Mar-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2014, the Compensation Committee of the Board of Directors (the "Board") of YRC Worldwide Inc. ("YRCW," and together with its subsidiaries, the "Company") approved, and YRCW granted, one-time restricted stock awards in recognition of certain executives' efforts in connection with the refinancing transactions the Company completed in early 2014, including a series of private placements of: a) equity securities for an aggregate purchase price of $250.0 million in cash and b) equity securities exchanged or converted for outstanding 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") in an aggregate principal amount of approximately $50.6 million, plus, in the case of exchanged Series B Notes, accrued and unpaid interest thereon; entry into the Second Amended and Restated Contribution Deferral Agreement, which included the extension of the maturity of deferred pension payments and deferred interest under the previously effective Amended and Restated Contribution Deferral Agreement from March 31, 2015 to December 31, 2019; and entry into a new $450 million asset-based loan ("ABL") facility and a new $700 million term loan facility, the proceeds of which were used to repay the previously-existing ABL facility and term loan facility. Mr. Welch received 33,333 shares, Mr. Pierson received 33,333 shares and Ms. Friel received 10,000 shares as one-time awards. In each case, the awards vest 50% immediately and 50% one year from the date of grant.

Effective February 27, 2014, Darren D. Hawkins, age 44, was appointed President of YRC Freight. He will report directly to James L. Welch, Chief Executive Officer of YRCW, who served as President of YRC Freight from September 2013 until February 27, 2014. Mr. Hawkins has more than 24 years of experience in the national LTL industry, including over 20 years with the Company. Mr. Hawkins has served in various positions with the Company, most recently as Senior Vice President of Sales and Marketing for YRC Freight. Prior to holding this position, Mr. Hawkins served as Director of Operations (December 2011-January 2013) and Director of Sales (January 2009-December 2011) for Con-Way Freight, a subsidiary of Con-Way, Inc.

On March 2, 2014, YRCW received a copy of the resignation letter from Harry J. Wilson to the International Brotherhood of Teamsters ("IBT") indicating his intention to resign from the Board effective immediately. Mr. Wilson has served since July 2011 as a Series A Director appointed to the Board by the IBT. Mr. Wilson has advised YRCW that his decision to resign was based solely on his conclusion that, with the recent refinancing complete and the Company on more stable financial footing, his role on the board is complete and that he believed it was time for the IBT to transition his seat to an appointee with industry and/or labor expertise who can assist the Company in its next phase of growth. He further indicated he has no disagreements with the Board or management on any matter relating to the Company's operations, policies or practices.

YRC Worldwide - Current Report

:wtflol::nutkick:
 
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Form 8-K for YRC WORLDWIDE INC.

3-Mar-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2014, the Compensation Committee of the Board of Directors (the "Board") of YRC Worldwide Inc. ("YRCW," and together with its subsidiaries, the "Company") approved, and YRCW granted, one-time restricted stock awards in recognition of certain executives' efforts in connection with the refinancing transactions the Company completed in early 2014, including a series of private placements of: a) equity securities for an aggregate purchase price of $250.0 million in cash and b) equity securities exchanged or converted for outstanding 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") in an aggregate principal amount of approximately $50.6 million, plus, in the case of exchanged Series B Notes, accrued and unpaid interest thereon; entry into the Second Amended and Restated Contribution Deferral Agreement, which included the extension of the maturity of deferred pension payments and deferred interest under the previously effective Amended and Restated Contribution Deferral Agreement from March 31, 2015 to December 31, 2019; and entry into a new $450 million asset-based loan ("ABL") facility and a new $700 million term loan facility, the proceeds of which were used to repay the previously-existing ABL facility and term loan facility. Mr. Welch received 33,333 shares, Mr. Pierson received 33,333 shares and Ms. Friel received 10,000 shares as one-time awards. In each case, the awards vest 50% immediately and 50% one year from the date of grant.

Effective February 27, 2014, Darren D. Hawkins, age 44, was appointed President of YRC Freight. He will report directly to James L. Welch, Chief Executive Officer of YRCW, who served as President of YRC Freight from September 2013 until February 27, 2014. Mr. Hawkins has more than 24 years of experience in the national LTL industry, including over 20 years with the Company. Mr. Hawkins has served in various positions with the Company, most recently as Senior Vice President of Sales and Marketing for YRC Freight. Prior to holding this position, Mr. Hawkins served as Director of Operations (December 2011-January 2013) and Director of Sales (January 2009-December 2011) for Con-Way Freight, a subsidiary of Con-Way, Inc.

On March 2, 2014, YRCW received a copy of the resignation letter from Harry J. Wilson to the International Brotherhood of Teamsters ("IBT") indicating his intention to resign from the Board effective immediately. Mr. Wilson has served since July 2011 as a Series A Director appointed to the Board by the IBT. Mr. Wilson has advised YRCW that his decision to resign was based solely on his conclusion that, with the recent refinancing complete and the Company on more stable financial footing, his role on the board is complete and that he believed it was time for the IBT to transition his seat to an appointee with industry and/or labor expertise who can assist the Company in its next phase of growth. He further indicated he has no disagreements with the Board or management on any matter relating to the Company's operations, policies or practices.

YRC Worldwide - Current Report

:wtflol::nutkick:

He resigns his position, having accomplished the task he was assigned.

MAEVA will no longer be receiving 250K monthly and the seat on the board is now open for the IBT to fill.

I am not seeing this as "jumping ship."

"My work here is done!"




 
Form 8-K for YRC WORLDWIDE INC.

3-Mar-2014

Change in Directors or Principal Officers



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2014, the Compensation Committee of the Board of Directors (the "Board") of YRC Worldwide Inc. ("YRCW," and together with its subsidiaries, the "Company") approved, and YRCW granted, one-time restricted stock awards in recognition of certain executives' efforts in connection with the refinancing transactions the Company completed in early 2014, including a series of private placements of: a) equity securities for an aggregate purchase price of $250.0 million in cash and b) equity securities exchanged or converted for outstanding 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") in an aggregate principal amount of approximately $50.6 million, plus, in the case of exchanged Series B Notes, accrued and unpaid interest thereon; entry into the Second Amended and Restated Contribution Deferral Agreement, which included the extension of the maturity of deferred pension payments and deferred interest under the previously effective Amended and Restated Contribution Deferral Agreement from March 31, 2015 to December 31, 2019; and entry into a new $450 million asset-based loan ("ABL") facility and a new $700 million term loan facility, the proceeds of which were used to repay the previously-existing ABL facility and term loan facility. Mr. Welch received 33,333 shares, Mr. Pierson received 33,333 shares and Ms. Friel received 10,000 shares as one-time awards. In each case, the awards vest 50% immediately and 50% one year from the date of grant.

Effective February 27, 2014, Darren D. Hawkins, age 44, was appointed President of YRC Freight. He will report directly to James L. Welch, Chief Executive Officer of YRCW, who served as President of YRC Freight from September 2013 until February 27, 2014. Mr. Hawkins has more than 24 years of experience in the national LTL industry, including over 20 years with the Company. Mr. Hawkins has served in various positions with the Company, most recently as Senior Vice President of Sales and Marketing for YRC Freight. Prior to holding this position, Mr. Hawkins served as Director of Operations (December 2011-January 2013) and Director of Sales (January 2009-December 2011) for Con-Way Freight, a subsidiary of Con-Way, Inc.

On March 2, 2014, YRCW received a copy of the resignation letter from Harry J. Wilson to the International Brotherhood of Teamsters ("IBT") indicating his intention to resign from the Board effective immediately. Mr. Wilson has served since July 2011 as a Series A Director appointed to the Board by the IBT. Mr. Wilson has advised YRCW that his decision to resign was based solely on his conclusion that, with the recent refinancing complete and the Company on more stable financial footing, his role on the board is complete and that he believed it was time for the IBT to transition his seat to an appointee with industry and/or labor expertise who can assist the Company in its next phase of growth. He further indicated he has no disagreements with the Board or management on any matter relating to the Company's operations, policies or practices.

YRC Worldwide - Current Report

:wtflol::nutkick:

Thread heading does not match post.
very sneaky
Some would call this a bate and switch
 
Why is it Labor always gets screwed! If they took that 250 million and put it where it belongs ...........back in our wages and pensions it would be a better world? Why is it that the azzholes on top who make more than enough money feel the need to rob from the rank and file to pad their own pockets!! I say to that F" U" big time executives put the money that you robbed from us back into our pockets where it belongs!! I think $250 million back into the pensions would take care of a lot more than a few over paid execs and their greedy families. We work for yrc ....bust our azzes every day and this is the thanks we get .........your dirty laundry rubbed in our faces!!!

I haven't said anything in the past years but this needs my voice!!!
 
A couple of payouts and a get out! Wonder who the Teamsters will get next?

Welch, Pierson and Friel are still on the board.

They each received 'one time' awards.

Wilson leaves with no 'extra' severance nor 'golden parachute.'

I congratulate you on the double entendre.

I hope there is no chance of any former "Wonder Brands" executive member darkening our doors.
 
Form 8-K for YRC WORLDWIDE INC.

3-Mar-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2014, the Compensation Committee of the Board of Directors (the "Board") of YRC Worldwide Inc. ("YRCW," and together with its subsidiaries, the "Company") approved, and YRCW granted, one-time restricted stock awards in recognition of certain executives' efforts in connection with the refinancing transactions the Company completed in early 2014, including a series of private placements of: a) equity securities for an aggregate purchase price of $250.0 million in cash and b) equity securities exchanged or converted for outstanding 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") in an aggregate principal amount of approximately $50.6 million, plus, in the case of exchanged Series B Notes, accrued and unpaid interest thereon; entry into the Second Amended and Restated Contribution Deferral Agreement, which included the extension of the maturity of deferred pension payments and deferred interest under the previously effective Amended and Restated Contribution Deferral Agreement from March 31, 2015 to December 31, 2019; and entry into a new $450 million asset-based loan ("ABL") facility and a new $700 million term loan facility, the proceeds of which were used to repay the previously-existing ABL facility and term loan facility. Mr. Welch received 33,333 shares, Mr. Pierson received 33,333 shares and Ms. Friel received 10,000 shares as one-time awards. In each case, the awards vest 50% immediately and 50% one year from the date of grant

Effective February 27, 2014, Darren D. Hawkins, age 44, was appointed President of YRC Freight. He will report directly to James L. Welch, Chief Executive Officer of YRCW, who served as President of YRC Freight from September 2013 until February 27, 2014. Mr. Hawkins has more than 24 years of experience in the national LTL industry, including over 20 years with the Company. Mr. Hawkins has served in various positions with the Company, most recently as Senior Vice President of Sales and Marketing for YRC Freight. Prior to holding this position, Mr. Hawkins served as Director of Operations (December 2011-January 2013) and Director of Sales (January 2009-December 2011) for Con-Way Freight, a subsidiary of Con-Way, Inc.

On March 2, 2014, YRCW received a copy of the resignation letter from Harry J. Wilson to the International Brotherhood of Teamsters ("IBT") indicating his intention to resign from the Board effective immediately. Mr. Wilson has served since July 2011 as a Series A Director appointed to the Board by the IBT. Mr. Wilson has advised YRCW that his decision to resign was based solely on his conclusion that, with the recent refinancing complete and the Company on more stable financial footing, his role on the board is complete and that he believed it was time for the IBT to transition his seat to an appointee with industry and/or labor expertise who can assist the Company in its next phase of growth. He further indicated he has no disagreements with the Board or management on any matter relating to the Company's operations, policies or practices.

YRC Worldwide - Current Report

:wtflol::nutkick:

Thread heading does not match post.
very sneaky
Some would call this a bate and switch

Might want to read it again, ph.

Also note that Wilson sent his letter of resignation to the IBT, who then forwarded a 'copy' to YRC.
 
Why is it Labor always gets screwed! If they took that 250 million and put it where it belongs ...........back in our wages and pensions it would be a better world? Why is it that the azzholes on top who make more than enough money feel the need to rob from the rank and file to pad their own pockets!! I say to that F" U" big time executives put the money that you robbed from us back into our pockets where it belongs!! I think $250 million back into the pensions would take care of a lot more than a few over paid execs and their greedy families. We work for yrc ....bust our azzes every day and this is the thanks we get .........your dirty laundry rubbed in our faces!!!

I haven't said anything in the past years but this needs my voice!!!


Sorry for your pain Brother.

Better late then never my friend.
Please do not let so many years pass
till next we hear from ya.
Your comments are always welcome here.
 
Well if Jimmy treats his millionaire friends like he treat the rank and file he will soon be running out of friends to place on this BOD,, And as for the BONEUS, and resignations,,, who didn't see this coming?? All we need now is another change of operations to widdle away the cash that was stolen this time so these azzholes can come back on 2015 crying broke when more of the Zollar Bills are due..
 
Well if Jimmy treats his millionaire friends like he treat the rank and file he will soon be running out of friends to place on this BOD,, And as for the BONEUS, and resignations,,, who didn't see this coming?? All we need now is another change of operations to widdle away the cash that was stolen this time so these azzholes can come back on 2015 crying broke when more of the Zollar Bills are due..
I seen the article that was posted & he said no change of ops. Upgrading technology & replacing the fleet.... He wouldn't lie....
 
Why is it Labor always gets screwed! If they took that 250 million and put it where it belongs ...........back in our wages and pensions it would be a better world? Why is it that the azzholes on top who make more than enough money feel the need to rob from the rank and file to pad their own pockets!! I say to that F" U" big time executives put the money that you robbed from us back into our pockets where it belongs!! I think $250 million back into the pensions would take care of a lot more than a few over paid execs and their greedy families. We work for yrc ....bust our azzes every day and this is the thanks we get .........your dirty laundry rubbed in our faces!!!

I haven't said anything in the past years but this needs my voice!!!


Where in that post did you read that top execs were getting paid $250 mil ?? This is how rumors run wild, tomorrow some people will believe the top dogs took $250 mil. Try to understand what you read before you get all angry.
 
Welch, Pierson and Friel are still on the board.

They each received 'one time' awards.

Wilson leaves with no 'extra' severance nor 'golden parachute.'

I congratulate you on the double entendre.

I hope there is no chance of any former "Wonder Brands" executive member darkening our doors.

I nominate Longblade to fill the vacant seat.
 
Form 8-K for YRC WORLDWIDE INC.

3-Mar-2014

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 25, 2014, the Compensation Committee of the Board of Directors (the "Board") of YRC Worldwide Inc. ("YRCW," and together with its subsidiaries, the "Company") approved, and YRCW granted, one-time restricted stock awards in recognition of certain executives' efforts in connection with the refinancing transactions the Company completed in early 2014, including a series of private placements of: a) equity securities for an aggregate purchase price of $250.0 million in cash and b) equity securities exchanged or converted for outstanding 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") in an aggregate principal amount of approximately $50.6 million, plus, in the case of exchanged Series B Notes, accrued and unpaid interest thereon; entry into the Second Amended and Restated Contribution Deferral Agreement, which included the extension of the maturity of deferred pension payments and deferred interest under the previously effective Amended and Restated Contribution Deferral Agreement from March 31, 2015 to December 31, 2019; and entry into a new $450 million asset-based loan ("ABL") facility and a new $700 million term loan facility, the proceeds of which were used to repay the previously-existing ABL facility and term loan facility. Mr. Welch received 33,333 shares, Mr. Pierson received 33,333 shares and Ms. Friel received 10,000 shares as one-time awards. In each case, the awards vest 50% immediately and 50% one year from the date of grant.

Effective February 27, 2014, Darren D. Hawkins, age 44, was appointed President of YRC Freight. He will report directly to James L. Welch, Chief Executive Officer of YRCW, who served as President of YRC Freight from September 2013 until February 27, 2014. Mr. Hawkins has more than 24 years of experience in the national LTL industry, including over 20 years with the Company. Mr. Hawkins has served in various positions with the Company, most recently as Senior Vice President of Sales and Marketing for YRC Freight. Prior to holding this position, Mr. Hawkins served as Director of Operations (December 2011-January 2013) and Director of Sales (January 2009-December 2011) for Con-Way Freight, a subsidiary of Con-Way, Inc.

On March 2, 2014, YRCW received a copy of the resignation letter from Harry J. Wilson to the International Brotherhood of Teamsters ("IBT") indicating his intention to resign from the Board effective immediately. Mr. Wilson has served since July 2011 as a Series A Director appointed to the Board by the IBT. Mr. Wilson has advised YRCW that his decision to resign was based solely on his conclusion that, with the recent refinancing complete and the Company on more stable financial footing, his role on the board is complete and that he believed it was time for the IBT to transition his seat to an appointee with industry and/or labor expertise who can assist the Company in its next phase of growth. He further indicated he has no disagreements with the Board or management on any matter relating to the Company's operations, policies or practices.

YRC Worldwide - Current Report

:wtflol::nutkick:

So the cost of this latest a******** that the members agreed to.........

Harry Wilson- 5.5 Million

Credit Suisse First- 7.8 Million

James Welch- 33,333 Shares= 833,325.00 @ 25.00 a share

Jamie Pierson- 833,325.00

Michelle Friel- 250.000

This was paid for their "efforts in connection with the refinancing transactions the Company completed in early 2014"

For our effort. No raise this year, which will effect our pay for every year here on out. and next year it doubles.

Us-$750.00

The rich get richer. We get the shaft..........Again!!
 
He resigns his position, having accomplished the task he was assigned.

MAEVA will no longer be receiving 250K monthly and the seat on the board is now open for the IBT to fill.

I am not seeing this as "jumping ship."

"My work here is done!"





Well said, kemosobe !
 
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