The two top executives at YRC Worldwide Inc. have gotten new employment deals that the company called “more traditional” and market-based.
Chief executive James Welch and chief financial officer Jamie Pierson each agreed on Dec. 30 to cancel employment agreements they had gotten in 2011. At the time, YRC Worldwide struggled to survive after having restructured its finances twice to avoid bankruptcy.
Those deals were laced with heavy awards of company stock, tying the executives’ fortunes to the company’s future.
YRC Worldwide sought to end the agreements because they were “no longer necessary or appropriate given the company’s improved operating results and financial position,” a filing with the Securities and Exchange Commission said
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Each executive now works under the terms of a severance agreement and will earn pay, incentive bonuses and stock on similar terms as their peers in the industry, the company’s filing said.