December 2, 2010
Welcome to another On the Record Interview with Bill Zollars, Chairman and CEO of YRCW.
Before going any further, we are well aware that we have interviewed Bill on multiple occasions regarding YRCW's recovery plan. After our interview this past April, some carrier friends asked why one carrier has addressed our audience multiple times.
The answer to that question is simple. Strategically speaking, as the largest LTL carrier in the country, a lot of our customers, as well as shippers throughout the country have a keen interest in the YRCW situation. Were we to categorize the questions, or requests from our listeners about the topics we should cover, the YRCW issue by far and away tops the charts.
Why do our listeners care so much about this issue? Because everyone, including us, believes that YRCW's continued viability is an important factor in maintaining stable LTL rates. Put another way, if YRCW were to shut its doors, LTL shippers would likely see a spike in LTL rates. And as part of our Freedom Network, YRCW is an important issue to us.
This interview format is a little bit different than our prior On the Record sessions. In order to save you time we aggressively edited the recording.
As is customary when we interview CEOs of publicly traded companies, we intentionally shy away from detailed questions about the financial statements or financial projections for the company. Our questions address the "big issues."
The "big issues" addressed in this important 20 minute interview include:
- The pension situation
- The recently concluded negotiations with the International Brotherhood of Teamsters (IBT)
- The ABF issue
- YRCW's capital structure and other important topics.
Bill recently announced his retirement from YRCW. This will become effective after a successor is appointed. Obviously, the past couple of years have been extremely challenging for YRCW, and many other companies. But to Bill's credit, he has been where great leaders should be during the tough times: out front, leading the charge and continuing to rally the troops.
Bill has earned our respect. While we believe he would be the first to acknowledge the disappointing financial situation, he has consistently been accommodating and forthright in responding to our questions. We wonder if Bill, his team, and the members of the IBT have been given credit for the fact that YRCW is still in business today. Truth be told, many shippers and financial analysts had YRCW dead and buried in 2009.
On a personal note, we want to thank Bill for keeping our listeners apprised of what has been going on at YRCW. We wish him well in the future.
We hope you find this On the Record interview to be helpful and welcome your feedback.
Mike Regan
TranzAct Technologies
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