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YRC executive to union workers: New concessions needed for survival


Well-Known Member
A top YRC Worldwide Inc. executive said additional concessions sought this month from its union workers will be necessary to continue operating.

In a letter to YRC's Teamsters employees, Mike Smid said a rejection of the tenative agreement reached between company and union leadership could lead to the trucking giant's shutdown.

Smid is the YRC Worldwide's chief operating officer and president of YRC Inc., the company's national carrier. He is among the senior executives under YRC chairman and CEO Bill Zollars, who announced he will retire from the company shortly.

Ballots will be mailed later this week to more than 25,000 YRC drivers and dock workers who are being asked to extend concessions that they have accepted since January 2009. Those cuts have included a 15 percent wage cut as well as YRC suspending monthly payments into Teamsters pension plans since July 2009............

YRC executive to union workers: New concessions needed for survival | Dollars & Sense