USA Truck Inc. named James Reed as the company’s new chief financial officer, effective Nov. 1, replacing Michael Burrows, who left in May 2016.
Reed worked at Interstate Distributor Logistics, which is based in Tacoma, Washington, in various capacities since 2012, including as the CFO.
“We expect his unique blend of experience in trucking, logistics, finance and business development to be of great assistance in accelerating our execution of the various initiatives underway that will enhance USA Truck’s operations and financial results,” said Randy Rogers, CEO at the Van Buren, Arkansas company. “His extensive experience includes 15 years of leading finance in public companies, including as CFO of Mikron Industries, where he smoothly integrated a family-held private company into a public organization.”
Reed will earn a base salary of $300,000 per year and is eligible for a cash bonus of $100,000. He’ll could also earn restricted shares in the company equal to $150,000.
Reed will have the task of helping to turn around a truckload carrier that raised pay for owner-operators, but also lost $1 million in the second quarter and reported lower earnings year-over-year for six consecutive quarters.
USA Truck ranks No. 53 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers. Interstates Distributor ranks No. 67.