Yellow | Breaking News! YRCW CFO Jamie Pierson Resigns!

Freightmaster1

TB Legend
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
On November 18, 2016, James G. Pierson, Executive Vice President and Chief Financial Officer of YRC Worldwide Inc. (the “Company”), resigned effective December 31, 2016. Also on November 18, 2016, the Company appointed Stephanie D. Fisher as the Company’s Acting Chief Financial Officer effective January 1, 2017.

Mr. 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. 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. “We want to extend our deepest gratitude to Mr. Pierson for his service, contributions, and commitment to the Company, including the personal family sacrifice experienced with commuting for eight years” said James Welch, Chief Executive Officer. “Jamie has been a great partner, working closely with me, and I wish him well in his new endeavor.”

To ensure an orderly and full transition of the Chief Financial Officer role, it is anticipated that Mr. Pierson will serve as a consultant for a period of six months subsequent to the effective date of his resignation. The Company and Mr. Pierson are negotiating an agreement to memorialize the terms of this arrangement and related separation matters.

Stephanie Fisher, 39, joined the Company in 2004 and currently serves as Vice President and Controller. Prior to her current position, Ms. Fisher served as Manager of Accounting from November 2007 to June 2011 and Director of Financial Reporting from June 2011 to May 2012. Ms. Fisher has more than 15 years of experience in accounting, financial analysis and corporate compliance. Ms. Fisher began her career at the accounting firm Ernst & Young, where she served as both Staff and Senior Auditor, primarily completing financial audits for clients in the Retail and Consumer Products industries. Ms. Fisher earned a Bachelor’s degree in Business Administration and a Masters of Accountancy from Kansas State University. As Acting Chief Financial Officer, Ms. Fisher will continue to receive an annual salary of $255,000, short-term cash incentive compensation (subject to the achievement of pre-determined goals) with a target award of 100% of base salary and long-term equity incentive compensation with a target award equal to 100% of base salary. In addition, it is anticipated that upon appointment of a new Chief Financial Officer, Ms. Fisher will receive additional compensation for her service as Acting Chief Financial Officer in an amount that is expected to approximate the differential between her current compensation and the annual compensation of a new Chief Financial Officer.
From:"[email protected]" <[email protected]>
Date:Wed, Nov 23, 2016 at 16:30
Subject:New SEC Document(s) for YRC Worldwide, Inc.
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SEC Filing Alert
YRC Worldwide, Inc. has filed the following document(s) with the United States Securities and Exchange Commission.
Nov 23, 2016

Form 8-K / Current Report

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:hyper:
Take the money and run Jamie! You see the hand writing on the wall!
 

Stephanie Fisher
Vice President and Controller at YRC Worldwide, Inc.

Kansas City, Missouri Area
Transportation/Trucking/Railroad
Current
  1. YRC Worldwide, Inc.,
  2. CommunityAmerica Credit Union
Education
  1. Kansas State University


The Refinancing from Hell
YRC's controller is glad that a 2014 refinancing didn't fall under 'troubled debt restructuring,' like a 2011 recapitalization did.

David McCann
February 10, 2015 | CFO.com | US




For Stephanie Fisher, the controller at YRC Worldwide, the company’s debt restructuring in 2014 was a walk in the park compared with two others undertaken a few years earlier.

A series of transactions in July of 2011 that included what’s known as a troubled debt restructuring (TDR) was especially mind-numbing. In a TDR, lenders grant concessions to debtor organizations with financial difficulties in a bid to avoid losing principal upon the debtor’s failure. In YRC’s case, lenders forgave $305 million of the company’s debt and rewrote its remaining debt at more favorable terms, in exchange for stock and notes convertible into stock.


Some of the particulars: the lenders received what became 4.6 million shares of common stock on a post-split basis, upon a 1-for-300 reverse stock split on Dec. 2 of that year. YRC’s shares, which had been trading for pennies and would soon have been delisted by Nasdaq, closed at $12.78 that day. The lenders also got $140 million of Series A notes convertible into common stock at the price of $34.02 per share and $100 million of Series B notes convertible at $18.54 per share.

The TDR was an enormously complex undertaking, according to Fisher — even more so than a previous dicey restructuring in 2009. “The accounting for the 2009 and 2011 restructurings was very unusual,” she says. “We had debt situations and debt facilities that even our auditor, KPMG, said they’d never seen before.”

Because of all the moving parts, completing the TDR required sifting through accounting literature to find pieces of it that addressed the specifics of the restructuring. “Accounting for the fair valuation of all the things the lenders gave up, like deferred interest, became very challenging,” says Fisher. “We had to read a lot of fine print, and a lot of it wasn’t black and white. We had to interpret it — in many cases we’d say, ‘OK, that is about our scenario, so we’ll go with these guidelines.’ There was nothing in the literature that fully addressed our very specific situation.”

The 2011 refinancing was also complicated by the fact that a majority of the lender group had also participated in YRC’s 2009 credit agreement. That required the company to account for the debt swap as a loan modification, which was much more difficult than if old debt were extinguished and new debt created, as was the case with YRC’s most recent, 2014 restructuring.


Stephanie Fisher: "We had to read a lot of fine print."

“We actually did get new debt facilities [in 2011], but from an accounting perspective [when most of the lenders are the same] it looks as if you’re modifying the old debt. When you do that, you have to take the carryover basis of the old debt and apply it to the new debt. And under troubled debt restructuring accounting, you get a lot of unusual debt premiums and discounts that then have to be amortized through the income statement.” A hangover from the TDR was not flushed out of YRC’s income statement until the 2014 refinancing.

YRC further sweetened the pot for lenders by pledging to pay the 10% interest on the Series A and Series B notes through their maturity date of March 31, 2015, even for notes that were in the money and converted to equity prior to that date. Most of the Series B notes were converted in 2013, during which the stock price topped $30 on a number of occasions. The Series A notes never got into the money, but they were converted to equity as part of the 2014 refinancing.

The TDR took Fisher out of her comfort zone. She says she loves accounting for the very reason that in most cases it is black and white: “I like the fact that there’s always a right answer.”

Still, Fisher says she thrives in a fast-paced environment. “A business acquaintance asked me the other day when I was going to get tired of running nonstop, and I said, ‘Well, I’ve been doing it for five years so I guess I like it.’ ”

For Fisher, who joined YRC in 2004 after four years with Ernst & Young, the early years were good. The company was flush with cash, and in her first year she made 100% of her bonus even though she didn’t start until August, because the bonus payouts were 200% in 2004.

Then 2008 hit. The tanking economy depleted YRC’s business volume, and Fisher’s resolve to stay with the company wavered. “There were probably 6 to 12 months when I was thinking, ‘Am I making the right choice by staying here?’ But after I interviewed externally, I realized it didn’t matter that the company wasn’t doing great, because I liked the work I was doing and the people I worked with.”

By now, says Fisher, who was promoted to controller in May 2012, it’s clear that she did make the right choice. “I’m fortunate to have worked hard and been in the right place when people left the organization. If you’d told me 10 years ago that I was going to be here 10 years later and that I’d be the corporate controller, I’d have said no way.”



http://ww2.cfo.com/accounting-accounting-tax/2015/02/the-refinancing-from-hell-yrc/

:bgroovy:
 
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The Company and Mr. Pierson are negotiating an agreement to memorialize the terms of this arrangement and related separation matters.
Hey Jamie! Forget about "memorializing your separation agreement". Just clean out your desk and get off the property in Overland Park! Don't forget to take your bicycle with you!
:fingure:
 
Really?The renegotiation of loans in 2014 was a "walk in the park"We the members sacrificed even more on a scam of a vote and then the Top executive gained in compensation by 100 fold!!2015 we were supposed to be back at 100% pay but the union administration and yrc thwarted that.The renegotiation of loans to lower interest rates didn't yield much of a decrease and then yrc didn't even make a dent in the overall debt.
 
Read between the lines here , maybe his "Cooking the Books " has caught up to him ? and he was encouraged to leave , and maybe this is a sign when the upper management start to jump ship ?? it's going be ugly in 2019 contract talks , because even think the sheep have gotten a belly full of these big bonuses being paid out !!! plus he will walk away with "Millions of Dollars of our -15% to !!:6788:
 
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Really?The renegotiation of loans in 2014 was a "walk in the park"We the members sacrificed even more on a scam of a vote and then the Top executive gained in compensation by 100 fold!!2015 we were supposed to be back at 100% pay but the union administration and yrc thwarted that.The renegotiation of loans to lower interest rates didn't yield much of a decrease and then yrc didn't even make a dent in the overall debt.
 
Read between the lines here , maybe his "Cooking the Books " has caught up to him ? and he was encouraged to leave , and maybe this is a sign when the upper management start to jump ship ?? it's going be ugly in 2019 contract talks , because even think the sheep have gotten a belly full of these big bonuses being paid out !!! plus he will walk away with "Millions of Dollars of our -15% to !!:6788:
Looks like our weekend golf games will be moving to
Dallas,partner.. I wonder if he is friends with jerry jones??? Maybe some skybox seats at a cowboys game will be in our future???
 
FelmkJx.jpg

The Company and Mr. Pierson are negotiating an agreement to memorialize the terms of this arrangement and related separation matters.
Hey Jamie! Forget about "memorializing your separation agreement". Just clean out your desk and get off the property in Overland Park! Don't forget to take your bicycle with you!
:fingure:
And while your at it get a frekin haircut!!!!
 
FelmkJx.jpg

The Company and Mr. Pierson are negotiating an agreement to memorialize the terms of this arrangement and related separation matters.
Hey Jamie! Forget about "memorializing your separation agreement". Just clean out your desk and get off the property in Overland Park! Don't forget to take your bicycle with you!
:fingure:
How is it that he decides to not fulfill the terms of the contract he signed with the corporation yet he will still come out of this with a discustingly huge payoff.
 
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