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1 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow Roadway Corporation 1 2004 Case Study.

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Presentation on theme: "1 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow Roadway Corporation 1 2004 Case Study."— Presentation transcript:

1 1 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow Roadway Corporation Case Study

2 2 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Overview of the Trucking Industry A brief history of Yellow Roadway Corporation EOY 2006 Mission, Vision, Objectives, Strategies 2007 New Vision and Mission External Analysis Opportunities & Threats CPM EFE Internal Analysis Financial Data Strengths and weaknesses IFE Financial ratios Financial trending Strategic Analysis SWOT Matrix SPACE BCG IE matrix Grand Strategy Matrix Matrix Analysis QSPM Possible alternative strategies Our Recommendation Strategies Long range objectives EPS/EBIT Implementation Issues Proposed annual objectives (goal) and policies Proposed procedures for evaluation Epilogue Resources Utilized Questions Overview

3 3 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Brief History of the Trucking Industry Trucks first travel coast to coast. The trip takes 46 days The Federal Aid Highway Program requires state highway departments to identify a system of connecting rural roads. 1930s - U.S. Route 66, the first true highway, is built The American Trucking Association is created 1950s - General Motors, Ford, and Dodge introduce diesel trucks Federal legislation calls for creation of 41,000 miles of improved interstate highways Hollywood and songwriters focus on truckers with box office successes such as Smokey and the Bandit, Every Which Way but Loose, and White Line Fever The Motor Carrier Act deregulates the industry The Surface Transportation Act allows for longer combination vehicles and uniform weights

4 4 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher History of Yellow Roadway Corp. (Yellow) 1924: A.J. Harrell founded Yellow Cab and Transit Co. in Oklahoma City, primarily as a bus and taxi company serving central Oklahoma. The company added intrastate shipping to its services in 1926 and shortened its name to Yellow Transit Co. 1944: Harrell sold the shipping operations to a New York-based investment group headed by New York financier Arlington W. Porter. Yellow changed its name to Yellow Transit Freight Lines, Inc. 1952: George E. Powell, Sr., of Kansas City and an ownership group that included Powell's son, George E. Powell, Jr., and Roy Freuhauf, owner of the Freuhauf Trailer Co., acquired the company. In one year, the Powell family brought the company from near-bankruptcy to profitable growth. 1965: Yellow acquired Watson-Wilson Transportation System, making the company a transcontinental carrier with routes extending from the Midwest to the Atlantic and Pacific coasts. The acquisition allowed Yellow to add more than 21,000 miles of authorized routes and begin serving 10 more states. 1968: Watson-Wilson merged into Yellow, and Yellow's name changed to Yellow Freight System, Inc. 4

5 5 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher History of Yellow Roadway Corp. (Yellow) 1972: Yellow acquired Adley Corp. and principal subsidiary Adley Express Co., providing operating rights along the Eastern Seaboard north to Quebec and south to Georgia. The acquisition allowed Yellow to extend service into five states. 1975: Yellow bought all Republic Freight System, Inc., outstanding stock. The rights Yellow acquired from Republic allowed Yellow to expand into the Northwest, giving Yellow true service coverage throughout the 48 contiguous states. 1977: Yellow and Braswell Motor Freight Lines company owners agreed to allow Yellow to buy all Braswell capital stock. This acquisition gave Yellow additional coverage throughout the sunbelt states from Georgia to California. 1980: Congress passed the Motor Carrier Act, deregulating the interstate trucking industry. Yellow opened 13 general shipping service centers, bringing the total to : Yellow opened 88 new service centers, converting its operations to an all- new, hub-and-spoke shipment-flow system with each of the 17 hubs being a consolidation and distribution point for a specific territory. 5

6 6 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher History of Yellow Roadway Corp. (Yellow) 1982: The hub-and-spoke system provided the base for a rapid increase in the service center network. At the end of the year, Yellow had 377 service centers, providing direct service to 48 of the 50 states. 1984: Yellow opened 71 service centers, bringing the number of centers to : Yellow acquired RBS Enterprises, Inc., to expand service between the United States and Ontario, Canada. RBS and its subsidiaries included International Carriers, Inc., which had operations in the United States and Canada. The acquisition significantly increased the presence of Yellow in Ontario and Quebec. 1986: Yellow acquired Custom Courier Services, Ltd., which it renamed Yellow Freight System of British Columbia, Inc., to expand service into British Columbia. At year-end 1986, Yellow served more than 650 points in Canada and had 599 service centers. 1992: Yellow launched less-than-container-load service to Europe. 1994: The effects of federal and state deregulation, combined with industry overcapacity and intense price competition began to send Yellow's profitability on a slow, downward spiral.

7 7 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher History of Yellow Roadway Corp. (Yellow) 1995: Continuing to expand, Yellow entered the Asia/Pacific market with services to and from Hong Kong, Singapore and Thailand. 1996: The Yellow board hired A. Maurice Myers as Yellow Corp. president, chairman and chief executive officer in April. In September, Yellow hired William Zollars as Yellow Freight System president. Together, Myers and Zollars began improving the company's performance almost immediately. 1997: Yellow had an operating ratio of Yellow realigned its organization into five, regionally-based business units to enhance operating flexibility and provide customized services. The company created more than 400 new driver-sleeper teams and expanded service into South and Central America. 1998: Yellow and the Teamsters reached agreement on a new, 5-year contract 7 weeks before the 1994 National Master Freight Agreement expired. The first, 5-year contract in industry history was ratified by 70 percent of Teamsters in April. Midyear, Yellow introduced an integrated ground and air transportation service, Exact Express®, to broaden its services. 1999: Yellow celebrated 75 years of service on New Year's Eve with Yellow expecting to be a new company for a new century. Before the year was over Bill Zollars was named Chairman, President and CEO of Yellow Corp. 7

8 8 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher History of Yellow Roadway Corp. (Yellow) 2000: James Welch became the new president and chief operating officer of Yellow. The company celebrated one of its strongest performances in its 76-year history, boasting operating revenue at a record $2.8 billion. 2001: Yellow received ISO 9000:2001 certification, becoming the first transportation services provider to receive the new classification under the International Organization for Standardization for continuous quality improvement. Yellow expanded Standard Ground Regional Advantage—the company's best-in-class, 2- and 3-day regional service. Almost 70 percent of all shipments would now deliver in 3 days or less, a 12 percent improvement over the previous 2 years. 2002: Yellow Freight System, Inc., changed its name to Yellow Transportation, Inc., to reflect the company's transformation to a full-service global transportation provider. The company reorganized into 15 areas to move decision-makers closer to customers. Yellow international operations announced an alliance with 12 European transportation providers. 2003: Yellow acquired Roadway Corp. to become Yellow Roadway Corp. 8

9 9 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow’s Subsidiaries Roadway Express - provides seamless transportation throughout Canada, Mexico, and the U.S., and services for markets worldwide. A leading transporter of industrial, commercial, and retail goods, Roadway adds value to global supply chains through innovative combinations of network resources, capabilities, and technologies to customize services. Reimer Express - is a leading Canadian provider of industrial, retail, and commercial transportation services. Through integration of network and information systems with Roadway, Reimer Express provides seamless service between Canada, Mexico, the U.S., and global markets. YRC Regional Transportation – is comprised of USF and New Penn Motor Express and delivers nationwide service in the next-day, second-day, and time-sensitive markets, which are among the fastest-growing transportation segments. New Penn Motor Express - is a YRC Regional Transportation company providing superior regional, next-day ground services through a network spanning the Northeastern United States, Quebec, Canada and Puerto Rico. New Penn is considered an industry leader in tracking technologies and Internet-based shipping services. USF Holland - is a YRC Regional Transportation company offering services throughout the Central and Midwestern United States and Eastern Canada. USF Holland makes claim-free deliveries a top priority, and its on-time performance has long been considered an industry standard. 9

10 10 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher International Presence 10

11 11 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Logistics Centers 11 To manage your existing international shipments, please contact the YRC Logistics Global Logistics Center in your region.

12 12 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow’s Subsidiaries USF Reddaway - is a YRC Regional Transportation company operating a network across the Western United States and Canada. The company provides guaranteed delivery of time-sensitive shipments, a user-friendly Internet-based transportation management system, and streamlined customs procedures. USF Bestway – moves goods in a 5-state area of the Pacific Southwest and serves all major getaways to Mexico USF Glen Moore - is one of the fastest-growing providers of customized truckload van services in North America, offering a full range of transportation services. Meridian IQ – plans and coordinates the movement of goods throughout the world by offering flexible logistics solutions supported by technology and management. YRC Enterprise Services and Yellow Roadway Technologies - global logistics management company, coordinates the movement of goods worldwide across multiple modes of the global supply chain. YRC Logistics helps businesses automate and improve shipment planning, optimization, administration, and overall supply-chain processes while connecting more efficiently with clients, their suppliers and the final consumer. 12

13 13 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow’s Vision Yellow will be the leading provider of guaranteed, time-definite, defect-free, hassle-free transportation for business consumers worldwide. 13

14 14 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2004 Core Purpose Making global commerce work by connecting people, places, and information.

15 15 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2004 Core Values Exceed customer expectations Value our people Work safely Demonstrate good citizenship Act with integrity Embrace teamwork

16 16 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2004 Strategies Concentrate on gaining cost and purchasing synergies from its recent mergers before embarking on something new “Making global commerce work” Focus on overnight and next day markets Become a stronger competitor to integrated transportation providers such as UPS and FedEx Acquire Overnight Transportation (9 th largest) for $1.25 billion in the summer of 2005 Offer overnight service

17 17 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2004 Objectives Reduce cost base by 100 million run rate Pay down debt and strengthen financial position Grow all of our brands following the acquisition of Roadway Continue to look for acquisitions that complement our strategy, contribute to our financial performance, and help us tap opportunities for employees, customers and investors.

18 18 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2004 Issues Rising fuel costs Driver turnover and shortages Decreasing manufacturing activity in the United States Decreasing customer spending Increases in contractual wages and benefits and purchased transportation rates

19 19 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow’s Vision Yellow will be the leading provider of guaranteed, time-definite, defect-free, hassle-free transportation for consumers worldwide. 19

20 20 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher A New Mission Yellow’s mission is to provide international transportation for express and standard deliveries for businesses and customers of all sizes. (1,2,3,7) We are willing to meet a variety of needs that may be specified by our customers. (1,7) We pride ourselves in our innovative logistics program which makes sure that the most knowledgeable employee for each individual industry is assigned to the appropriate transactions. (2,4,7) Yellow is constantly looking to expand in any and all profitable areas of the industry internationally to benefit our shareholders. (3,5) We provide our employees with exceptional benefits to show our appreciation of their hard work and dedication. (9) We aim to exceed customer expectations, value our people, work safely, demonstrate good citizenship, act with integrity, and embrace teamwork (6,8,9)

21 21 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher A New Mission The new mission answers the following questions 1) Customers: Who are the firm’s customers? 2) Products or services: What are the firm’s major products? 3) Markets: Geographically, where does the firm compete? 4) Technology: Is the firm technologically current? 5) Concern for survival, growth, and profitability: Is the firm committed to growth and financial soundness? 6) Philosophy: What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7) Self-concept: What is the firm’s distinctive competence or major competitive advantage? 8) Concern for public image: Is the firm responsive to social, community, and environmental concerns? 9) Concern for employees: Are employees a valuable asset of the firm?

22 22 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher External Audit: Opportunities Trucking industry expected to grow significantly Acquire FedEx/UPS/DHL market share Global market Position to be a regional carrier by the Roadway merger Increase in rail/intermodel and air transport tonnages

23 23 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher External Audit: Threats Alternate forms of transportation/shipping Shortage of long haul drivers High fuel prices Increased regulation of working hours for truck drivers Increase in the number of toll road and rates on existing ones Competition Antitrust

24 24 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Competitive Profile Matrix YellowFedExUPS Critical Success factors WeightsRating Weighted Score Rating Weighted Score Rating Weighted Score 0.0 to 1.01 to 4 Size of Fleet Name Recognition Global Presence Domestic Presence Revenues Small Shipping Large Shipping (TL / LTL) Customer Loyalty Shipment Tracking Service Quality Totals

25 25 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher External Factor Evaluation Matrix Key External Factors WeightsRating Weighted Score 0.0 to 1.01 to 4 Opportunities Trucking industry expected to grow significantly Acquire FedEx/UPS/DHL market share Global market Position to be a regional carrier by the Roadway merger Increase in rail/intermodal and air transport tonnages Threats Alternate forms of transportation/shipping Shortage of long haul drivers High fuel prices Increased regulation of working hours for truck drivers Increase in the number of toll road and rates on existing ones Competition Antitrust Totals1 2.74

26 Net Worth (December 31, 2004, in Thousands of Dollars Except Per Share) 1. Stockholders’ Equity + Goodwill = $1,214,191 + $632,141$ 1,846, Net Income x 5 = $184,327 x 5=$ 921, Share price = * $55.71 /EPS(3.83) = x Net Income $184,327 = $ 2,681, Number of Shares Outstanding x Share Price = 48,869 x $55.71 =$ 2,722,492 Method Average$ 2,043,104 *Stock price is based on a closing price at 12/31/2004 from finance.yahoo.com

27 27 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Consolidated Balance Sheet

28 28 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Consolidated Balance Sheet

29 29 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Consolidated Statement of Operations

30 30 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Consolidated Statement of Operations

31 31 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Internal Audit: Strengths Large scale of operation Operating leverage #3 ground transport provider #1 single LTL (less-than-truckload) provider Wide range of assets and non assets Ranked #1 “America’s Most Admired Companies” by Fortune for 3 consecutive years in early 2000s Joint venture with China’s conglomerate (Jin Jiang) Cost and purchasing synergies by merger

32 32 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Internal Audit: Weaknesses High driver turnover and driver shortages Various brand names resulting in decreased name recognition Low operating margin High wages paid to Teamster drivers $12 million increase in claims and insurance accruals Increase in multi-employer health, welfare and pension plans Lost productivity from unused capital (underutilized trucks) 15 % overlap of customers by the Yellow-Roadway merger

33 33 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Internal Factor Evaluation Matrix Key Internal Factors WeightsRating Weighted Score 0.0 to 1.01, 2, 3 or 4 Internal Strengths 3 or 4 Large scale of operation Operating leverage #3 ground transport provider #1 single LTL (less-than-truckload) provider Wide range of assets and non assets Ranked #1 “ America ’ s Most Admired Companies ” by Fortune for 3 consecutive years in early 2000s Joint venture with China ’ s conglomerate (Jin Jiang) Cost and purchasing synergies by merger Internal Weaknesses 1 or 2 High driver turnover and driver shortages Various brand names resulting in decreased name recognition Low operating margin High wages paid to Teamster drivers $12 million increase in claims and insurance accruals Increase in multi-employer health, welfare and pension plans Lost productivity from unused capital (underutilized trucks) % overlap of customers by the Yellow-Roadway merger Totals1 2.7

34 34 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Financial Ratios: Time Comparison

35 35 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Financial Ratios: Competitor Comparison

36 36 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Financial Ratios: Industry Comparison

37 37 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Financial Trends (December December 2004)

38 38 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Yellow Stock Performance Source: moneycentral.msn.com Dividends ( )

39 39 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher SWOT Matrix

40 40 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Space Matrix Financial Strengthrating is 1 (worst) to 6 (best) Ratings 1 Operating revenue Operating income Net income Debt-asset ratio Cash flows 5.0 Industry Strengthrating is 1 (worst) to 6 (best) Growth Potential International expansion Wages Insurances and benefits 3.0 Environmental Stabilityrating is -1 (best) to -6 (worst) Competitive Pressure Increase in Fuel Prices Rate of Inflation Exchange rates Antitrust Increased regulation of working hours for truck drivers Increase in the number of toll road and rates on existing ones Technological advance -2.0 Competitive advantagerating is -1 (best) to -6 (worst) Large scale of operation #3 ground transport provider #1 single LTL (less-than-truckload) provider 4 Ranked #1 “America’s Most Admired Companies” by Fortune for 3 consecutive years in early 2000s 5 Joint venture with China’s conglomerate (Jin Jiang) Cost and purchasing synergies by merger ES average-3.57 CA average-1.67 IS average4.00 FS average4.80 X Coordinate2.33 Y Coordinate1.23 Strategy ->>>> Aggressive

41 41 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Space Matrix Yellow has achieved moderate competitive advantages and financial strength in a growing and stable industry.

42 42 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher BCG 42

43 43 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher BCG 43

44 44 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Grand Strategy Matrix Quadrant I 1. Market development 2. Market penetration 3.Product development 4.Forward integration 5.Backward integration 6.Horizontal integration 7.Related diversification

45 45 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher IE Matrix

46 46 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher IE Matrix

47 47 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Matrix Analysis Alternative StrategiesBCGIESPACEGRANDCOUNT Forward IntegrationXXXX4 Backward IntegrationXXXX4 Horizontal IntegrationXXXX4 Market PenetrationXXXX4 Market DevelopmentXXXX4 Product DevelopmentXXXX4 Related DiversificationXX2 Unrelated DiversificationXX 2 Joint Venture0 Retrenchment0 Divestiture0 Liquidation0

48 48 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher QSPM

49 49 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher QSPM

50 50 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Possible alternative Strategies Market Development: We can look to increase more hauls over North America increasing the amount of deliveries that will be made. Market Penetration: Go after UPS, Fed Ex market share Product Development: If the logging goes through than we can look to buy chip trailers to haul wood chips.

51 51 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 1 st Recommendation Acquire Conway Acquire trucking company Conway By acquiring Conway, this will give us a greater presence in US and North America. This will also give us a presence in Asia/Pacific, Europe, South America, and the Caribbean. By acquiring Conway, we will also be acquiring more than 500 operating locations across North America and additional services to 17 countries across 5 continents. Estimated Cost: $200,000,000

52 52 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 2 nd Recommendation Buying Logging Trucks We will buy 50 new Tractor trailer trucks and 50 new logging trailers We will take 50 of the older trucks and use them to haul wood out west. The 50 new trucks will take the place of the old 50 trucks that will be hauling wood out west. We should be able to find drivers easily as they will only be hauling for short distances. Estimated Cost: approximately $10,000,000

53 53 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher 3rd Recommendation Driver Retention We will be increasing the load size, and combining the number of loads being delivered to one area (using triple trailers where it’s possible) will decrease the number of trips that will be made. Maximizing current truck loads to full capacity will improve time management, and improve worker productivity. In order to satisfy the needs of our drivers, closer relationships with unions will be established, and outsource insurance and other benefits. This will help us satisfy our current work force, and help attract potential drivers. Estimated Cost: approximately $2,000,000

54 54 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher EPS/EBIT 54

55 55 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher EPS/EBIT In Millions

56 56 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Implementation Issues Would need to form contracts would logging outfits. Rapidly increasing fuel prices Difficulties recruiting drivers Regulations specific to the logging industry and expansions (buying out Conway) Environmental issues and regulations Hostile takeover −Hesitancy of Conway to sell

57 57 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Proposed Annual Objectives and Policies Increase operating revenue by 100% annually for the next 3 years − 1 st year 25%, 2 nd year 25%, 3 rd year 50% − Assign each subsidiary a goal to achieve gains Reduce operating expenses by 20% annually for the next 3 years − Better loading management − Better time management − Improve worker productivity − Work closely with unions Provide functional improvements to transportation management systems − Provide adequate funding to R&D and adaptation of information technology − Assign technicians to further develop the management system

58 58 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Proposed Procedures For Evaluation Check current industry information —Traffic World —Logistics Today Monthly reports from subsidiaries Quarterly & annual financial reports Quarterly & annual meetings to evaluate current plan and respond necessary changes

59 59 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Current Stock Performance

60 60 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Epilogue 2005: Yellow Roadway Corp. acquired USF, which it has subsequently renamed YRC Regional Transportation. 2006: Yellow Roadway Corp. changed its name to YRC Worldwide Inc. to better reflect its capabilities today as a global entity, and to be consistent with its continuing aspirations and core purpose: Making global commerce work by connecting people, places and information. Included in global services are: Supply chain, distribution and transportation management Transportation services Global resource for U.S.-focused operating companies Technology services Operations in more than 70 countries worldwide Offices in North America, South America, Europe and Asia 2007: Jan. 31: James Welch resigns as president and chief executive officer of Yellow Transportation; Maynard F. Skarka is named new president. 2008: March 31: Maynard Skarka retires as president of Yellow Transportation; Michael J. Smid is named new president.

61 61 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Resources YellowRoadway.com MyYellow.com Yellow Roadway’s k 8&catid=17&ParentCategoryID=28&pdcl=1

62 62 Takifumi Kawahara, Matt Bouchard, Darius Parker, Danielle Boucher Questions


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