The president of USA Truck’s trucking operations has resigned, effective March 13, in the latest in a string of leadership changes at the Van Buren, Arkansas-based company.
In an SEC filing March 13, USA Truck announced that N. Martin Tewari resigned as President - Trucking of the company. No other details were offered other than the fact that a search for his replacement has begun.
Tewari was named to the newly created position of President - Trucking in September 2015. He joined USA Truck from Con-way Truckload.
USA Truck reported a fourth-quarter loss of $3.8 million, or 48 cents per share, compared to net income a year earlier of $3.9 million, or 39 cents per share. This happened as revenue slipped to $103.1 million from $118 million. And its trucking operation reported an operating loss of $6.2 million in the fourth quarter of 2016 versus an operating profit of $4.5 million a year earlier.
“Our consolidated financial performance was unacceptable,” said James Reed, president and CEO, in reporting the company’s fourth-quarter and year-end 2016 results.
There have been a number of leadership changes at USA Truck in recent years. Reed was named president and CEO in late January of this year, succeeding Randy Rogers. USA Truck has had three different presidents and CEOs in the past three years, after John Simone stepped down from the position in 2015 to receive cancer treatment. He died in March 2016 and Thomas Glaser was named to replace him in July 2015. Rogers succeeded Glaser in January of last year.