USA Truck has again expanded its board of directors, announcing Friday the addition of Alexander D. Greene of New York.
Greene, who has board and investment management experience, joins the USA Truck directors a week after the company announced the addition of Vadim Perelman and Thomas Glaser. Both Perelman and Glaser were added at the request of Shareholders for the Benefit of USAK, a group of shareholders with a 28 percent combined stake in USA Truck.
Board Chairman Robert Peiser lauded Greene for his 30 years of corporate finance and private equity experience. Greene was recently a managing partner and head of U.S. private equity at Brookfield Asset Management.
"I have known and worked with Alex for many years, and we are delighted to have him join our Board," Peiser said in a news release. "We believe the financial, business and strategic acumen he has demonstrated throughout his distinguished career will be extremely valuable to USA Truck as we work to further improve the Company's financial performance and create long-term shareholder value."
Greene has experience as an investment banker and has served on the board of directors of Carlyle Strategic Partners, Wasserstein Perella & Co., CWC Energy Services and Longview Fibre Paper & Packaging Inc.
After adding two outside board members with ties to the activist shareholder's group, the addition of Greene appears to be a move that favors existing company leadership. Because of his ties to Peiser, Greene could be viewed as an ally to the board chairman and others in leadership positions, Stephens analyst Brad Delco said.
"It's a smart move from that standpoint, albeit one that could be viewed as a little contentious," Delco said. "You're making sure you have more guys on your side of the plate than the other side, so to speak."
Peiser said last week that USA Truck could benefit from an outside perspective, but he said Perelman and Glaser would also benefit from the insider knowledge that being on the board would bring. Because of the 28 percent shared ownership of stock between Perelman's Baker Street Capital and Mark Cohen's Stone House Capital, Peiser said USA Truck's board felt compelled to include them.
"Between them they own 28 percent of the stock, and they wanted some voice in the room," Peiser said after last week's annual shareholders meeting. "It's hard to suggest a 28 percent stockholder, which is them as a group, does not deserve a voice. They own a lot of stock. There' s a big element of their fund in the stock. That's fine. It's easier to work with anybody if they're informed.
"I think they can really help us if they knew more."
USA Truck stock ended Friday trading at $16.90, up 6 cents.
Business on 05/31/2014