Executive Upheaval Continues At USA Truck

by Marty Cook  on Friday, Mar. 17, 2017 8:44 am  

Martin Tewari (USA Truck)

Another top executive is leaving USA Truck Inc. of Van Buren.

The company announced in a one-sentence filing with the U.S. Securities & Exchange Commission that trucking division President Martin Tewari had resigned, effective Monday, March 13. The company said it had started a search for Tewari’s replacement.

Tewari earned total compensation of $875,689 in 2015, the last full year in which USA Truck’s financial records have been released. USA Truck’s proxy filing with the SEC to report 2016 compensation is expected to be released in April.

At the time of that 2015 filing, Tewari was the highest-paid executive still with USA Truck because of turnover. Former CEO John Simone died of lung cancer and was replaced on an interim basis by Tom Glaser, who himself was replaced by Randy Rogers in January 2016.

Rogers was abruptly replaced in January 2017 by CFO James Reed, who had joined USA Truck just a few months prior as a replacement for Michael Borrows, who had left the company in May.

Tewari joined USA Truck in September 2015 to fill the newly created position of president of trucking. He was hired by Glaser and Tewari’s appointment led to the resignation of Simone’s hire Russell Overla, who had been the company’s executive vice president of truckload operations.

The turmoil at the top hasn’t helped the company’s bottom line. USA Truck reported four consecutive negative quarters in 2016 and an annual loss of $7.7 million, a steep drop from the $11.1 million profit it reported in 2015.

Revenue also took a hit; USA Truck reported revenue of $429 million, down from $507.9 million in the previous year.

On Aug. 2, 2016, USA Truck stock was trading for more than $19 per share; after a poor second-quarter earnings report in which the company announced a loss of $1.3 million on Aug. 3, shares dropped from $19.23 to $11.90 the next day. USA Truck stock closed at $8.49 on Thursday.

 

 

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