USA Truck CEO James Reed
The executive turnover at USA Truck Inc. of Van Buren continued as the company announced Monday that CEO Randy Rogers was replaced by CFO James Reed.
Reed joined USA Truck on Nov. 1, five months after the previous CFO, Michael Borrows, resigned. Rogers was named CEO in January 2016 to replace interim CEO Tom Glaser, who replaced John Simone.
Simone helped turn USA Truck around after it posted annual losses from 2009-13. He later resigned after being diagnosed with lung cancer and died in March 2016.
USA Truck has posted three consecutive negative quarters this fiscal year. Reed, in a phone interview with Arkansas Business, said he had already spoken with industry analysts and customers to answer questions about the perceived instability at the top of USA Truck.
“It’s critically important to be [stable],” Reed said. “Our employees, our investors, our community need USA Truck to be successful. It’s critically important we show stability. Our feet have to follow our mouths.”
Reed stressed his ties to the state; his grandparents live in Arkansas. He said he had no inkling a move was in the making until the board of directors approached him this past week and that he hadn’t joined USA Truck with the expectations of any upward move, certainly not within a few months.
“I can tell you unequivocally it was not [my plan],” Reed said. “I was just as surprised as anyone else.”
Reed will work closely with Jim Craig, whom the company promoted to the newly created roles of executive vice president and chief commercial officer. Craig had been president of the USA Truck’s logistic division; he joined the company in February 2016.
Reed said he felt prepared to lead the entire company after a short time on the job. USA Truck said Reed has more than 20 years experience in the industry and Craig has 34 years of experience.
“I think I’m prepared because we have a great team,” Reed said. “We have everything in place to be successful.”
Reed also joined the company’s board of directors. He deferred questions about whether Rogers’ departure was his idea or the company’s to a USA Truck news release, which wasn’t clear.
“Last year was a tough year for our industry in general, and specifically for USA Truck,” said Bob Peiser, chairman of the USA Truck Board of Directors. “With the need for a different approach to the company’s strategy to improve its operations, we are extremely pleased to have executives of James’ and Jim’s caliber assume leadership of the company.
“We are grateful to Randy for his contributions to USA Truck over the last year. He has been instrumental in leading the company through this transitional period. We wish him the best in his future endeavors.”
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