Tim Wicks, president and chief operating officer of national less-than-truckload (LTL) carrier YRC Worldwide, has resigned after barely more than half a year in the position. According to a Form 8-K submitted by YRC to the Securities and Exchange Commission, Wicks plans to rejoin his former employer, United Healthcare.
As a result, the statement reads, operations, sales and marketing will now report directly to William Zollars, chairman and CEO of the company.
The timing of Wicks’s departure comes just as YRC appeared to be recovering somewhat from its financial problems and market share losses of the past year. According to the just released Freight Pulse 18 survey of shippers and freight purchasing patterns conducted by Morgan Stanley with Logistic Today, “At this time, some shippers appear to be shifting some volume back to YRC, but not in a major way. Small shippers seem more willing to try YRC services to save on costs.” Morgan Stanley analysts “suspect the recovery for YRC is likely to start slowly with some shippers trying a few lower priority spot moves first as costs start to rise before allocating more volume as confidence grows.”