Roadrunner Moves Headquarters to Illinois; Terence Rogers Named CFO
Roadrunner Transportation Systems Inc. has hired Terence Rogers as chief financial officer, replacing Peter Armbruster, who was terminated March 29 after the carrier was forced to restate earnings reports from 2014 onward because of two accounting errors.
Before joining Roadrunner, Rogers CFO for The Heico Cos., a parent company for a diversified portfolio of more than 35 businesses in manufacturing, construction and industrial services. He also was CFO at Ryerson Inc., a distributor and processor of industrial metals.
“I am excited to announce the addition of Terry Rogers, who is an experienced and skilled CFO, to our management team at Roadrunner,” CEO Curt Stoelting said. “Adding Terry completes the hiring of our new executive management team. Our strong team is focused on moving the company forward and building long-term shareholder value.”
Roadrunner revealed in January an accounting error concerning unrecognized expenses from two acquisitions from 2011 — Morgan Southern and Bruenger — among the first of more than 20 acquisitions in the following 3½ years. Stoelting said the impact likely would be between $20 million and $25 million on the operating income. The company also announced it would record an additional goodwill impairment charge between $175 million and $200 million after an audit from accounting firm Deloitte & Touche.
Due to the delinquency, the New York Stock Exchange notified Roadrunner in April that it had violated the continued listing requirements and has until Sept. 30 to file a 2016 annual report with the Securities and Exchange Commission or else it can be delisted.
Roadrunner, which ranks No. 16 on the Transport Topics Top 100 list of the largest U.S. and Canadian carriers, also moved its corporate headquarters from Cudahy, Wis., to Downers Grove, Ill. About 185 positions will remain at the Cudahy location, and no layoffs are planned.