Chairman Robert A. Peiser of USA Truck Inc. of Van Buren resigned from the company's board of directors on Tuesday, the company announced in a filing with the U.S. Securities & Exchange Commission.
Peiser, 70, has been chairman of the board since November 2012. He joined the board of directors in February of the same year.
USA Truck announced Alexander Greene, 60, was assuming the role of chairman of the board. Both Peiser's resignation and Greene’s appointment were to take place immediately, the company said.
USA Truck said Peiser's resignation had nothing to do with any disagreement with the company.
"Bob has served as our chair since early 2012 and provided a lasting contribution to our company," USA Truck said in an unattributed quote in the filing. "His dedication to creating value and protecting our stockholders' interests helped bring USA Truck through some very difficult times and leaves us well positioned to prosper. We are grateful for Bob's efforts on behalf of all USA Truck stakeholders.
"We are excited that Alexander D. Greene has assumed the role as Chairman of the Board. Alex has been a thoughtful and trusted member of our Board for many years and has the experience and perspective to guide and counsel the company as we continue our path forward."
Peiser replaced Terry Elliott as chairman after the company posted a record $6.1 million third-quarter loss in 2012. Peiser oversaw the hiring of new CEO John Simone, who started the company's turnaround before dying of lung cancer, and survived a protest non-vote at the 2013 shareholders meeting.
At that meeting, an advisory group urged shareholders to withhold their votes for Peiser since the company didn't submit a "poison pill" plan to voters. Peiser received 3.4 million votes as chairman, but 4.9 million votes were withheld; Peiser submitted his resignation to the board, which voted to keep him as chairman.
Greene joined USA Truck's board in May 2014 when the company expanded its board from seven to 10 to accommodate United Shareholders for the Benefit of USAK. That group, made up of Stone House Capital of New York City and Baker Street Capital of Los Angeles, owned 28 percent of the company at the time and came on the heels of a failed takeover bid by Knight Transportation of Phoenix in 2013.