As YRC's Welch calls it a day, the company's future becomes someone else's problem

Discussion in 'YRC Freight' started by Freightmaster1, Dec 16, 2017.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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    Welch brought a sick patient back to life. His successor, YRC Freight's Hawkins, will have his hands full navigating a potential reckoning that lies ahead.

    http://www.dcvelocity.com/articles/...ompanys-future-becomes-someone-elses-problem/

    [​IMG]
    "Welch did a great job with what he had to work with," said Charles W. Clowdis Jr., a long-time industry executive and consultant. "He kept the company afloat, and for that he should be rewarded."
    :funky:
     
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  2. mysticobra

    mysticobra Just here.

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    ..... and the employees had nothing to do with it.
    :17142:
    :1sm057crazy:
    .... I see a blip about employees sacrifice.
    Our paycheck hasn't changed in ten years.
    That is one hell of a sacrifice.
     
  3. wongway

    wongway -15% Pay , Never forget

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    Yes he did keep it afloat ,but with the BIG help of Jamie Pierson the master of the numbers game and BIG help from the -15% sheep and so he goes riding off in the sunset with full pension and all then free awarded stock shares ! Sweet !! and can already hear the 2019 offer it be like $500.buck bonus check for 1st 2 yrs and then .25 cents a year after that ! and votes already counted and YES by 99% !! But really think that Jamie Pierson was the numbers magic man that saved old yellow ![​IMG]
     
    Last edited: Dec 17, 2017
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  4. BIG R GUY

    BIG R GUY Coop Dispatch's Driver of the Year

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    I see you have a tie like Jamie's partner...
     
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  5. Triplex

    Triplex Experienced stalker

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    How many boxes of Kleenex do you go through every day?
     
  6. Big Dave

    Big Dave Hat Jokes Are Always Funny

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    Is he gonna wear it at the wedding??
     
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  7. mud

    mud Wonderin'

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    Wendy and Doug.
     
  8. BIG R GUY

    BIG R GUY Coop Dispatch's Driver of the Year

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    He told me he is wearing just the tie, and his YRC athletic supporter....
     
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  9. lwhole

    lwhole New Member

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    I gave lots to keep this turd afloat
     
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  10. ABFer

    ABFer Well-Known Member

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    Just wait 'til you see his golden parachute...it'll probably be more like a platinum parachute.
     
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  11. Freightmaster1

    Freightmaster1 Well-Known Member

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    Not too shabby a pension benefit for Welch...

    Pension Benefits
    The following table provides information regarding pension benefits for our NEOs eligible for pension benefits for the year ended December 31, 2016.



















    Name

    Plan Name No. of Years
    Credited
    Service
    (#) (1)
    Present Value of
    Accumulated
    Benefit
    ($) (2)
    Payments
    During Last
    Fiscal Year
    ($)

    James L. Welch

    Yellow Corporation Pension Plan 28 1,111,000 —
    Darren D. Hawkins

    Yellow Corporation Pension Plan 18 191,000 —


    (1) Effective July 1, 2008, benefit accruals under all plans and agreements were frozen.
    (2) In calculating the present value of the accumulated pension benefit, the following assumptions were used:
    (a) a FASB ASC Topic 715 discount rate of 4.81%;
    (b) an expected retirement age of 65, which is the normal retirement age in the Yellow Corporation Pension Plan, except that an expected retirement age of 62 for Mr. Welch was used because that is the earliest age at which he could retire under the applicable plan without benefit reduction;
    (c) the RP-2014 combined table, using a custom MP-2016 scale, was used as the post-retirement mortality table and no table was used for pre-retirement mortality; and
    (d) a discount percentage of 4.81% was used to calculate the lump sum distribution.
    Yellow Corporation Pension Plan

    The Yellow Corporation Pension Plan, a noncontributory defined benefit plan, was frozen to new employees after December 31, 2003. Benefit accruals under the plan were frozen on July 1, 2008. Plan benefits are calculated based solely on salaries and cash annual incentive compensation earned before July 1, 2008. Participants are vested after five years of service.

    Mr. Welch and Mr. Hawkins will be entitled to an annual pension benefit (single life annuity) at age 65 of $80,395 and $16,953, respectively. If a participant is age 55 to 65 and has 10 or more years of credited service, he or she is eligible for early retirement, subject to reduction of his or her accrued benefit. For example, the accrued benefit is reduced to 40% of the full age 65 benefit at age 55, 60% at age 60 and 90% at age 64. Mr. Welch, who is 62, is the only current NEO eligible for early retirement under the plan.

    Source...YRCW Proxy Report (DEF 14A) dated 3-21-2017

    And don't forget that big pension check every month is in addition to his generous 401-K, IRA, etc. I guess we won't have to take up a collection for his retirement next summer for him will we?

    :stirthepot:
     
    Last edited: Dec 17, 2017
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  12. ABFer

    ABFer Well-Known Member

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    I would also expect a nice, juicy retirement check in his farewell card as well, stay tuned.
     
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  13. wongway

    wongway -15% Pay , Never forget

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    [​IMG]Yes i do ,but not crying here ,but making a POINT that is was JAMIE that saved old yellow ,not Welch !
     
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  14. jimmy g

    jimmy g Kook

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    wish I knew how to Photoshop. Jamie needs Big Dave's Hat!!!!!
     
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  15. Big Dave

    Big Dave Hat Jokes Are Always Funny

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    My Hat would suffocate in all that...
     
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  16. jimmy g

    jimmy g Kook

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    Jamie would suffocate in your hat!
     
  17. Rodeo

    Rodeo Active Member

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    Hell I thought the employs did that with concessions
     
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  18. Canadian Flyer

    Canadian Flyer Speedy Freightshaker #411

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    The plight of the employees is mentioned quite thoroughly in this article and is discussed without bias. Just statements of fact. I'm impressed by the genuine professional journalism here.
     
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  19. BIG R GUY

    BIG R GUY Coop Dispatch's Driver of the Year

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    I noticed also,at the end of the article, Welch made mention of the approaching marriage of his daughter,Donna, to a driver from YRC rival, Coop Dispatch. Big Dave never said anything about Donna's last name. Maybe they are holding the reception outside,under his hat in case of rain?
     
  20. Gto561

    Gto561 Member

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    noticed the comment about New Penn. the president resigned due to "IT issues" ? really now? smh
     
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