The board of directors of less-than-truckload giant YRC Worldwide has appointed Richard Williamson as its new chief strategy officer
, according to a company filing with the Securities and Exchange Commission.

In this newly created position, Williamson will be responsible for leading the company's effort to restore its financial strength. Williamson serves as a managing director of Alvarez Marsal, a global professional services firm that YRC hired to help with its recovery effort earlier this year. The company also recruited Tenex Capital Management to help address the company's financial issues.

In its most recent attempt at a turnaround, the company signed a new labor contract with its Teamster employees, which involves a 15 percent pay cut from the full National Master Freight Agreement, an 18-month termination in pension contributions and a reduction in health and welfare contributions.

At Alvarez & Marsal, Williamson has been serving as co-head of the firm's west region, working with a variety of industries, including technology, retail, manufacturing and leasing. He has more than 29 years of financial management and restructuring experience, helping companies come up with financial strategies related to distressed situations.

Prior to joining the firm, Williamson was a partner at an accounting firm for 13 years. For 10 years prior to that, he managed a private practice.