Sponsored By:

   The Nation  |  Business  |  Equipment  |  Features


USA Truck's Ming out as CFO; Thomas Glaser takes on COO role

USA Truck reported a 2.3 percent decline in third quarter revenue, a loss of $6.1 million. The company reported $14.4 million in losses during the first nine months of the year.

The Trucker News Services

12/31/2012

VAN BUREN, Ark. — USA Truck said Friday that it had terminated the employment of Darron R. Ming as the company's chief financial officer and executive vice president effective last Wednesday.

The company said in a filing with the Securities and Exchange Commission that in connection with internal realignment of reporting, J. Rodney Mills, previously its general counsel, chief administrative officer and executive vice president, is now serving as general counsel and vice president.

The move is one of several the carrier has announced this year as it seeks to reverse financial setbacks during 2012.

In a filing with the SEC on Dec. 16, the carrier said it had appointed Thomas Glaser as interim chief operating officer effective Jan. 1 for an initial term of three months.

Glaser, 62, has 24 years of experience as a senior executive in the transportation industry.  He has worked as an independent consultant to the truckload industry since 2010.

Glaser served as president and chief executive officer of Arnold Transportation Services, a wholly-owned subsidiary of U.S. Xpress Enterprises from July 2008 to March 2010, as well as a board member of Priority Transportation Inc. from February 2008 to June 2010.  Previously, Glaser held several positions at Celadon Group from April 2001 to August 2007, most recently serving as president and COO.

Glaser holds a business administration degree from the University of Michigan.

USA Truck reported a 2.3 percent decline in third quarter revenue, a loss of $6.1 million. The company reported $14.4 million in losses during the first nine months of the year.

Ming’s biographical information had been removed from the company’s website Monday, but according to zoominfo.com Ming joined USA Truck in 1997 as a staff accountant.

He briefly held accounting positions at Beverly Enterprises and Sparks Medical Foundation in Fort Smith, Ark., before returning to USA Truck in 2000 as accounting Manager.

Before assuming the role of chief financial officer and executive vice president in July 2011, Ming served as vice president of finance (2005-11), controller (2001-07) and treasurer (2007-09).

Last November the company announced changes to its board and made other steps designed to prevent a hostile takeover.

Those changes included naming Robert A. Peiser as chairman of the board.

He succeeded Terry A. Elliott, who will remain on the board and continue in his present position of chairman of the audit committee.

In addition, the company announced that Robert E. Creager had been appointed to the board.

The company said in a news release in November that the changes were taken “as part of the company’s efforts to support management’s plan to turn around the company’s performance and return it to profitability.

The announcement came only days after the carrier reported its third-quarter net loss.

It was the company's biggest quarterly loss ever.

“Our board and management have been working together closely for the past few quarters to design and set in motion a plan to bring material improvements to our operating results,” President and CEO Cliff Beckham said. “We have made substantial progress on the capital resources front, closing in August a new $125 million credit facility that does not include financial covenants.”

In 2011, trucking company Celadon Group announced it had bought 6.3 percent of USA Truck.

Celadon said in a regulatory filing that it had asked to meet with USA Truck’s managers about combining the two companies.

At that time USA Truck issued a statement saying “The views of our stockholders are very important to us and we carefully consider their input.” The company’s board will consider the Celadon filing “in due course,” the company said.

Paul Will, president and CEO of Celadon, said Monday that no meeting ever took place and that Celadon no longer owned the USA Truck stock.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

Find more news and analysis from The Trucker, and share your thoughts, on Facebook.

Seven Oaks