YRC President leaves company

OVERLAND PARK, Kan. — Struggling LTL giant YRC Worldwide was hit with another setback as President Tim Wicks resigned suddenly on Tuesday.

The move sent the company’s shares down nearly 11 percent.

Wicks, who is said to be moving back to his former employer United Healthcare, is considered an instrumental player in guiding the company through several restructuring moves and keeping the carrier in survival mode through the recession.

According to a Reuters report, YRC Chairman Bill Zollars said Wicks’ departure does not change the company’s trajectory toward recovery. In fact, it’s a sign the carrier "has turned the corner."

But industry analysts told the news agency that it’s somewhat of a blow to the company.

"Wicks was a big part of why (the company) was able to make it through 2009," said Dahlman Rose analyst Jason Seidl. "To see him leave before the company is definitely completely out of the woods is a little bit disconcerting from the investor point of view."