Another top executive leaves YRC
Gaines, freight unit's CFO, departs for similar post with fast-food concern.
Another top-level executive has left less-than-truckload carrier YRC Worldwide Inc., though his departure was on his own terms rather than on the company's.
Phil Gaines, a 23-year YRC veteran who was the senior vice president and chief financial officer of the company's YRC Freight long-haul unit, resigned late last week to become CFO at KBP Foods, a company that operates fast-food franchises, a spokeswoman for YRC confirmed. YRC and KBP are both headquartered in Overland Park, Kan.
The spokeswoman said Gaines left on "excellent terms" with YRC.
Gaines will be succeeded by Tom Palmer, who had been CFO of Reddaway, one of YRC's three regional LTL units. Reddaway operates mostly in the Pacific Northwest.
Gaines joined the YRC organization in 1989 and at one point served as president of Yellow Transportation, YRC's long-haul trucking unit that was integrated into Roadway Express, a carrier that Yellow bought in 2003. The unit was renamed YRC National, and then YRC Freight.
Gaines is the latest high-level executive to leave YRC since James L. Welch became president and CEO last summer. Paul Liljegren, who was senior vice president-finance, corporate controller, and chief financial officer, resigned in late March.
Previously, Welch eliminated the positions of chief marketing officer, chief administrative officer, and chief operating officer in an effort to streamline the organization.More articles by Mark B. Solomon
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