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YRC Worldwide Management Discusses Q3 2011 Results - Earnings Call Transcript

If you have read the recent press releases or news articles about YRCW over the last 100 days, you will know that I did not waste any time in making changes on how we will manage the holding company and operating companies moving forward. The holding company was much too involved in the day-to-day business of the operating companies in my opinion. The way the company was previously structured created bottlenecks in strategy, decision making and execution along with creating inefficiencies.

Today, I have eliminated 4 C-level positions at the holding company and have for the most part, put the power and the responsibility back at the operating companies. I can absolutely assure you that each of the operating company presidents have not only fully embraced this change, but they have been asking for it for some time. For example, up until just a few weeks ago, YRC did not have a separate management team actually leading that $3 billion company. There was a very active and oftentimes unnecessary involvement from the holding company, and YRC critical functions were basically blended into the holding company without a separate and distinct leadership team. Another example, the sales organization reported through the shared services organization at the holding company level, yet, YRC operations reported through a field alignment to a different leader, and the 2 groups were not talking and not working together nearly as much as they must moving forward.

Truthfully and in my opinion, that organization structure made little business sense, so to that end, we recently named Jeff Rogers, President of YRC. Jeff has extensive industry experience, and he has successfully served the company in a number of roles, most recently as President of Holland. And if you remember, when Jeff went to Holland about 3 years ago, Holland was a company that was basically in a mess and losing a lot of money, but he worked hard to create a vision and a roadmap for its operational turnaround and worked to focus the organization on those objectives. Jeff led Holland back to be the next-day carrier in the footprint. He's also led Holland closer to its historical level of operating profitability, and I have great confidence that Jeff will do the same at YRC.

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