LITTLE ROCK — USA Truck Inc. of Van Buren said Monday it has named John Simone as president and chief executive officer as well as a board member of the trucking company.
Cliff Beckham, CEO since 2007, will return to his former position of executive vice president and chief financial officer, a position he held from 2002 to 2007.
Both changes are effective immediately, the company said.
Simone’s background includes more than 30 years of operations and management experience at UPS, Ryder and Greatwide Logistics. His latest position was CEO of LinkAmerica, a supply-chain management and logistics firm.
In an interview, Simone said he has been watching USA Truck for several years and had dealt with some of the challenges similar to what the company is facing.
“The culture of the organization and the chemistry of the people fits well with my style,” he said. His last two assignments - Ryder and UPS - were difficult turnaround challenges, he said.
As for USA Truck, he said, “we’re going to dig in deep and fast and move it along as quickly as possible.”
USA Truck has suffered a string of quarterly losses. On Jan. 31, the carrier reported a net loss of $3.1 million, or 30 cents per share, for the quarter that ended Dec. 31, down from a net loss of $4.4 million, or 42 cents a share for the same period a year earlier.
For the full year ending Dec. 31, the carrier reported a net loss of $17.5 million, or $1.70 a share, an increase from a net loss of $10.8 million, or $1.05 per share a year ago.
Beckham said in an interview that over the past five years, he has gained invaluable insights that will help him in his return to the CFO position.
“I will be returning to the role with a wealth of experience,” he said.
In a news release, Robert Peiser, board chairman, said the company has taken many steps to improve its operating and financial performance.
“Hiring John Simone as our new CEO is an important next step that we expect to accelerate the process,” Peiser said in the release. “[Simone] has deep experience in trucking operations and is a proven leader of people in all functional areas and at all levels. We are excited that he shares our belief in the future of the Company and will be dedicated to building on our momentum.”
USA Truck’s stock closed Friday at $4.79 a share, up 4 cents or 0.84 percent, on the Nasdaq stock exchange. The shares have traded between $2.65 and $9 in the past year.
The Nasdaq and other markets in the United States were closed Monday in observance of George Washington’s birthday.
Arkansas, Pages 9 on 02/19/2013