Van Buren-based USA Truck Inc. said Thursday that CEO and Director John Simone has resigned to continue to focus on his health and Thomas Glaser has been named chief executive and president.
Glaser has served as interim chief operating officer since April 6, when Simone took a medical leave of absence after being diagnosed with a "serious medical condition," the company said. Michael Borrows, USA Truck's chief financial officer, said in April that USA Truck would not provide additional details on Simone's health at his request.
“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,” Glaser said in a statement. “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.”
Simone, 53, has been key to USA Truck's turnaround since replacing Cliff Beckham as CEO in February 2013. The company fought off a takeover attempt by Knight Transportation two years ago and completed what Simone described during a February conference call as a "transformative year," reporting profits of $6 million in 2014 after losing $9.1 million in 2013.
Robert Peiser, who is chairman of the board, said in a statement that the company supports Simone’s decision to resign “so he can devote his time and energy to improving his health.”
In the statement, Glaser said the company is "pulling together" to "realize the full potential of the company's business model" and accomplish its goals.
USA Truck said it expects to record about $1.3 million in severance and related costs in third-quarter 2015 in relation to Simone’s departure.
