The Teamsters and YRC Worldwide announced Friday that they have reached a tentative agreement.

Details of the agreement must be approved by union leadership committees and the company's board of directors this week. After that, the agreement will be submitted for ratification by YRCW employees represented by the Teamsters, with completion targeted for late October 2010.

According to the Teamsters for a Democratic Union, a reform group within the Teamsters, the union offered new concessions, on the condition that CEO William Zollars be let go. His employment contract ends December 31.

According to the TDU, the largest concession presently in place -- the withdrawal of YRCW from Teamster pension funds -- expires on December 31. The current negotiations are to replace that deal; the union has offered concessions of about $350 million per year, approximately equal in dollar value to the expiring pension deal.

"This tentative agreement is an important step toward the completion of our comprehensive recovery plan," said Mike Smid, President-YRC and Chief Operations Officer of YRC Worldwide. "As our business continues to improve, the implementation of this tentative agreement will allow us to continue to provide our customers with a comprehensive portfolio of services that is competitive and reliable."

"The recession continues to wreak havoc on the trucking industry and threatens our members' jobs," said Tyson Johnson, Teamsters Freight Division Director. "Unfortunately, as workers all across the country know too well, the economy has not improved as quickly as we had hoped. The sluggish economy and smaller customer base leaves us in a position today where we face very, very difficult decisions."