Published March 07, 2011
March 7, 2011 – OVERLAND PARK, Kansas (Reuters) - YRC Worldwide <YRCW.O> said on Monday that its chief financial officer was resigning as the top U.S. trucker tries to turn around its troubled finances.
Sheila Taylor, who has been chief financial officer since October 2009, is stepping down effective March 31. Board member William Trubeck will take over as interim executive vice president and chief financial officer while the company completes its restructuring efforts, YRC said.
YRC said last week that it was negotiating a significant restructuring with lenders and union workers that would give a "significant majority" of the company's equity to debtholders.
YRC has been struggling for more than a year to stay out of bankruptcy, burdened by a heavy debt load, costly labor obligations and a sluggish business environment.
The restructuring marks the second such major overhaul for YRC shareholders in less than 15 months. In December 2009, the company arranged a debt-for-equity exchange that wiped out $470 million of debt and opened credit lines for restructuring while giving noteholders 94 percent of the company's equity.
(Reporting by Carey Gillam; Editing by Lisa Von Ahn)