USA Truck Announces New CEO
February 18, 2013
USA Truck, Van Buren, Ark., named John Simone president and chief executive officer. Former CEO Cliff Beckham has returned to his previous role as the executive vice president and chief financial officer, which he previously held from 2002 to 2007.
USA Truck lost $17.5 million in 2012.
Simone, who also has joined the company's board of directors, has more than 30 years of operational and management experience in the transportation industry with companies that include UPS, Ryder, and Greatwide Logistics. Most recently, he was the CEO of LinkAmerica, where he led a successful operational turnaround, according to the company.
The announcement follows financial reports from earlier this month where 2012 base revenue fell 0.6% to $408.7 million from $411 million in 2011 while its net loss widened to $17.5 million from $10.8 million.
However, Beckham noted at the time, “The improved operating fundamentals we experienced toward the end of the third quarter continued into the fourth quarter," and that the trucking segment in the fourth quarter produced year-over-year revenue growth for the first time since the second quarter of 2011.
"USA Truck has a strong foundation to build upon, including a relatively new fleet, dedicated employees, modern technology, and significant balance sheet strength and liquidity," Simone says.
Beckham welcomed Simone to the role. "We have terrific people and a great opportunity in the truckload market. We have been searching for someone with the right mix of operations, marketing, and leadership skills to take the company to the next level of performance."
USA Truck is a dry van truckload carrier transporting general commodities throughout the continental United States and into and out of portions of Canada and Mexico.