Reed will take over just three months after being hired at the company to fill a monthslong vacancy as CFO, but he will not take the place of Rogers atop the company and on the board of directors. The statement said that Rogers will leave to pursue other opportunities.
Jim Craig, president of the logistics unit, also has been named executive vice president and chief commercial officer.
“Last year was a tough year for our industry in general, and specifically for USA Truck. With the need for a different approach to the company’s strategy to improve its operations, we are extremely pleased to have executives of James’ and Jim’s caliber assume leadership of the company,” Chairman of the Board Robert Peiser said.
He continued, “In his brief tenure at USA Truck, James already has demonstrated his ability to drive operational excellence across the organization, drawing upon his more than two decades of experience in trucking, logistics, finance and business development. He is an action-oriented executive with a strong attention to detail and has already implemented procedures to improve operational performance.”
Rogers joined USA Truck in January 2016 after a stint as DHL Supply Chain’s president of energy and chemicals for the Americas. But his tenure wasn’t successful, in terms of net income, with the company posting losses in each of the first three quarters. The Van Buren, Arkansas, carrier hadn’t lost money in seven consecutive quarters before the 2016 downturn. Results from the final three months of last year will be released Feb. 7. The consensus forecast of analysts project a 3 cents-per-share loss, as compiled by Bloomberg News.
“All of us understand that we must execute and deliver improved results quickly. Thus, a key focus of our management team under my leadership will be accelerating the pace of change at USA Truck, including expanding USAT Logistics, improving service levels in our truckload business and reducing operating costs to enhance and strengthen our financial performance,” Reed said in a statement.
Before coming to USA Truck as chief financial officer, Reed served in that role at Interstate Distributor Co., an asset-based trucking business, and president of its subsidiary, Interstate Distributor Logistics.
It’s unclear how the decision will affect Reed’s overall compensation package. According to a filing last October, he receives a base salary of $300,000 per year and is eligible for a cash bonus of $100,000. Reed also could earn restricted shares in the company equal to $150,000.
USA Truck ranks No. 53 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada.