– USA, AR – USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider headquartered in Van Buren, AR, announced today that the board of directors has named Thomas Glaser chief executive officer and president. Former CEO and director John M. Simone has resigned so he can continue focusing on improving his health. Mr. Glaser, a USA Truck director, served as interim chief operating officer since April 6, 2015, when Mr. Simone took a medical leave.
John Simone commented, “Although it has been a very difficult decision, after consultation with my doctors, who continue to be optimistic about my recovery, I have concluded that I need to concentrate full time on my treatments and recovery. I leave knowing that a solid foundation for profitability and growth has been put into place at USA Truck. Working with the Company and its outstanding employees has been a very rewarding experience, and I look forward to watching USA Truck’s continuing progress.”
Chairman of the Board Robert A. Peiser remarked, “We fully support John’s decision to resign so he can devote his time and energy to improving his health. During his tenure of more than two years, he reinvigorated the Company, began the process of unlocking its earnings potential, and instilled every employee with the desire to maintain its forward momentum. All of us wish John continued success with his recovery.
“We are pleased that Tom Glaser is stepping in to accelerate the Company’s operational and financial progress. Among Tom’s many attributes, he brings to his new role an extensive knowledge of the industry and USA Truck’s operations, as well as a proven ability to lead. We are confident that he will continue to drive USA Truck’s turnaround and implement the Company’s multi-pronged growth strategy, including developing our capabilities as a capacity solutions provider and continuing to refine our truckload network.”
CEO and President Tom Glaser commented, “The entire USA Truck team is pulling together to take our Company to the next level. We are proud of the many accomplishments to date, but also realize that much work remains to realize the full potential of the Company’s business model. I look forward to working with the Company’s executive team and employees to accomplish our goals.”
Mr. Glaser previously served as USA Truck’s interim chief operating officer from January 2013 to June 2013. He has more than 30 years of management experience in the trucking industry, including serving as president of two truckload carriers, Arnold Transportation Services from 2008 to 2010 and Celadon Trucking Services, Inc. from 2001 to 2007. Between 1988 and 2001, Mr. Glaser served in various positions as a vice president in operations, marketing and sales at Contract Freighters, Inc. (now Con-way Truckload).
The Company expects to record approximately $1.3 million in the third quarter of 2015 reflecting severance and related costs with respect to Mr. Simone’s departure.
About USA Truck
USA Truck is a capacity solutions provider of transportation and logistics services that include truckload, dedicated contract carriage, intermodal and brokerage spot market throughout the continental United States, Mexico and Canada.
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