Consolidated Freightways Corp., Vancouver, Wash., has engaged a proven turnaround professional to lead the company and “ensure the successful completion of its strategic restructuring.”
The Board of Directors has elected John P. Brincko, a respected business turnaround specialist, as the company's new president and chief executive officer.
The Board and Patrick Blake, who has been president and CEO for the past two years, have determined that CF's restructuring has reached the point at which the company requires an experienced business turnaround professional to carry the process forward to successful completion. As Brincko begins the next phase of CF's restructuring, Blake has elected to retire from the company and the Board.
Brincko brings to CF a long and successful history in managing turnaround situations, including Sun World International, Inc., Barney's New York, Mossimo, Inc., Globe Security and Stroud's. With over 30 years of executive, financial and operational management experience, he has served as president and chief executive officer of many businesses, in numerous restructuring situations.
Among the companies for which he has served as president and chief executive officer are Knudsen Foods, Inc., Foremost Dairies and CalComp Technology, Inc., a publicly traded subsidiary of Lockheed Martin. Brincko owns and manages Brincko Associates, Inc., an international management-consulting firm he founded in 1979.
In addition, CF announced that effective June 3, it will implement a general freight rate increase of 5.95 percent. The company will also increase its absolute minimum shipment charge by $5.50. The increase is designed to offset the rising costs of insurance, wages and fuel, among other freight transportation costs.
CF also is one of a string of carriers to announce it is dropping Arthur Anderson as its independent public accountant. Arthur Anderson is the accounting firm implicated in the Enron scandal. CF’s announcement, however, notes that for more than 35 years, “Arthur Andersen has provided Consolidated Freightways with quality service and has demonstrated a high level of professionalism.”
Consolidated Freightways is a $2.2 billion company comprising national less-than-truckload carrier Consolidated Freightways, third party logistics provider Redwood Systems, Canadian Freightways LTD, Grupo Consolidated Freightways in Mexico and CF AirFreight, an air freight forwarder.
The Board of Directors has elected John P. Brincko, a respected business turnaround specialist, as the company's new president and chief executive officer.
The Board and Patrick Blake, who has been president and CEO for the past two years, have determined that CF's restructuring has reached the point at which the company requires an experienced business turnaround professional to carry the process forward to successful completion. As Brincko begins the next phase of CF's restructuring, Blake has elected to retire from the company and the Board.
Brincko brings to CF a long and successful history in managing turnaround situations, including Sun World International, Inc., Barney's New York, Mossimo, Inc., Globe Security and Stroud's. With over 30 years of executive, financial and operational management experience, he has served as president and chief executive officer of many businesses, in numerous restructuring situations.
Among the companies for which he has served as president and chief executive officer are Knudsen Foods, Inc., Foremost Dairies and CalComp Technology, Inc., a publicly traded subsidiary of Lockheed Martin. Brincko owns and manages Brincko Associates, Inc., an international management-consulting firm he founded in 1979.
In addition, CF announced that effective June 3, it will implement a general freight rate increase of 5.95 percent. The company will also increase its absolute minimum shipment charge by $5.50. The increase is designed to offset the rising costs of insurance, wages and fuel, among other freight transportation costs.
CF also is one of a string of carriers to announce it is dropping Arthur Anderson as its independent public accountant. Arthur Anderson is the accounting firm implicated in the Enron scandal. CF’s announcement, however, notes that for more than 35 years, “Arthur Andersen has provided Consolidated Freightways with quality service and has demonstrated a high level of professionalism.”
Consolidated Freightways is a $2.2 billion company comprising national less-than-truckload carrier Consolidated Freightways, third party logistics provider Redwood Systems, Canadian Freightways LTD, Grupo Consolidated Freightways in Mexico and CF AirFreight, an air freight forwarder.
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