FW: Proxy adviser on Norfolk Southern: overhaul board but keep CEO Shaw
FREIGHTWAVES reports: Norfolk Southern’s management has taken a second hit this week from an independent proxy advisory firm ...
FREIGHTWAVES CEO Craig Fuller writes:
Yellow’s days are numbered.
As the largest less-than-truckload (LTL) unionized carrier and the second-largest trucking company affiliated with the International Brotherhood of Teamsters (UPS is the largest), Yellow has suffered from financial mediocrity that has led to the inevitable outcome.
The Teamsters leadership is largely responsible for its own demise, forcing an operational structure that has made it impossible for Yellow to compete against higher-quality operators delivering more consistent and reliable service offerings. A lack of flexibility in staffing levels and operations that would allow unionized carriers to respond to freight market volatility means these carriers are always at a disadvantage to their non-unionized competitors.
While Yellow’s current executive management is highly competent, the task of turning the largest unionized LTL carrier from the die that was cast decades ago has been a nearly impossible task. Yellow has faced bankruptcy several times over the past two decades because it was saddled with too much debt and operational complexities after an acquisition binge that was instigated in the early 2000s…
The full post can be read here.
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