Blog Coverage: Roadrunner Transportation Systems Announced the Appointment of a New CFO and the Shifting of its HQ

Upcoming AWS Coverage on ZTO Express (Cayman) Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 26, 2017 / Active Wall St. blog coverage looks at the headline from Roadrunner Transportation Systems, Inc. (NYSE: RRTS) as the Company announced on May 24, 2017, that they have recruited Terence R. Rogers as the new Executive Vice President and Chief Financial Officer (CFO). He took charge of his position on the same day. Register with us now for your free membership and blog access at:
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One of Roadrunner Transportation Systems’ competitors within the Air Delivery & Freight Services space, ZTO Express (Cayman) Inc. (NYSE: ZTO), announced on May 17, 2017, its unaudited financial results for Q1 which ended on March 31, 2017. AWS will be initiating a research report on ZTO Express (Cayman) in the coming days.

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Roadrunner Transportation is a leading transportation and logistics services provider. They are a single-source provider, offering customized LTL (Less Than Truckload), Truckload, Expedited, Third-Party Logistics (3PL), and Specialized Service solutions from 21 strategically located terminals across the US.

About the new Executive Vice President and Chief Financial Officer

Terence R. Rogers is an experienced financial professional and before joining Roadrunner Transportation, he was CFO for The Heico Companies, LLC, the parent Company for a diversified portfolio of over 35 businesses. Rogers worked at this position for four years. He also held various financial positions of increasing importance with Ryerson Inc., a leading distributor and value-added processor of industrial metals. He was with Ryerson for more than 17 years, and was the CFO when he left the Company.

Commenting on his joining, Curt Stoelting, CEO of Roadrunner Transportation said:

“I am excited to announce the addition of Terry Rogers, who is an experienced and skilled CFO, to our management team at Roadrunner. Adding Terry completes the hiring of our new executive management team. Our strong team is focused on moving the Company forward and building long-term shareholder value.”

Roger replaces Peter Armbruster, the former CFO, of Roadrunner Transportation, who was terminated due to discovery of financial discrepancies.

Shifting of its Headquarters

Roadrunner Transportation also announced that they are shifting from their corporate headquarters which was earlier at Cudahy, Wisconsin to Downers Grove, Illinois. The new headquarter will house the Company’s top management team. The decision to move was taken after taking into consideration the ease of travel for customers as well as its team members.

The office at Cudahy will continue to be operational and house key business and support functions. An estimated 185 positions will continue to be located at Cudahy. The Company does not plan to reduce its employee strength at this location.

Infusion of capital and corporate restructuring

On May 02, 2017, Roadrunner Transportation had announced the infusion of capital of $540 million from private investment firm Elliott Management. Roadrunner Transportation issued redeemable preferred stock to Elliott Management for the same. Elliott Management already has 8.6% stake in the Company. The Company used the capital infusion from Elliott Management to pay off its existing credit and boost its working capital.

The Company also announced its new management team which included Curt Stoelting as the Chief Executive Officer; Mike Gettle as the President and Chief Operating Officer; Scott Cousins as the Chief Information Officer; and Bob Milane as the General Counsel and Chief Compliance Officer.

The Company has started to put its house back in order following the termination of Peter Armbruster, the former CFO. He had been with the Company since 2005 and he was terminated from his position in March 2017 when the Company discovered accounting errors dating back to 2014 that required $20 million to $25 million in adjustments to its results. The discovery was made in January 2017.

Following the discovery, Roadrunner Transportation stock recorded a steep fall and the Company faces major legal hurdles.

Stock Performance

Roadrunner Transportation Systems’ share price finished yesterday’s trading session at $6.33, slipping 1.09%. A total volume of 127.70 thousand shares exchanged hands. The stock is trading at a PE ratio of 9.63. At Thursday’s closing price, the stock’s net capitalization stands at $242.62 million.

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