Brings 20 Years of Multi-Faceted Experience in Trucking, Logistics, Finance and Business Development
USA Truck, Inc. (NASDAQ:USAK), a leading capacity solutions provider
headquartered in Van Buren, AR, today announced the appointment of James
D. Reed as chief financial officer effective November 1, 2016.
Mr. Reed joins USA Truck from Interstate Distributor Company, a Tacoma,
WA-based trucking company serving major markets throughout the U.S. and
Western Canada, where he served as CFO of Interstate (an asset-based
trucking business) and as president of its subsidiary Interstate
Distributor Logistics. As CFO, Mr. Reed was responsible for all
accounting, financial planning and analysis and IT, and led Interstate’s
strategic planning process. Mr. Reed joined Interstate in 2012 and
served for a time as its senior vice president, sales, with full
accountability for the company’s revenue growth and strategic account
development.
USA Truck President and CEO Randy Rogers commented, “We are delighted to
have James join our team. We expect his unique blend of experience in
trucking, logistics, finance and business development to be of great
assistance in accelerating our execution of the various initiatives
underway that will enhance USA Truck’s operations and financial results.
Over more than two decades and in many different industries and
disciplines, James has proven his ability to partner with operations to
drive operational excellence and deliver consistent results. His
extensive experience includes 15 years of leading finance in public
companies, including as CFO of Mikron Industries, where he smoothly
integrated a family-held private company into a public organization.”
Prior to joining Interstate, Mr. Reed was senior director, finance and
division CFO for EMC Corporation, where he led the integration of Isilon
Systems, Inc.’s financial systems and financial reporting with EMC’s.
Mr. Reed began his career with Intel Corporation in 1997 after earning
an M.B.A. and a B.A. from Brigham Young University.
In connection with Mr. Reed's appointment as chief financial officer of
USA Truck, and as an inducement material to Mr. Reed's acceptance of
employment with USA Truck, the Executive Compensation Committee of the
Board of Directors approved the following equity grants to Mr. Reed as
inducement awards under Nasdaq Listing Rule 5635(c)(4) outside of the
USA Truck's 2014 Omnibus Incentive Plan: (i) a grant of restricted
shares of USA Truck common stock equal to $150,000, based upon the
closing price of USA Truck's common stock on the date Mr. Reed's
employment begins, one-half of which will vest upon residency in the Ft.
Smith/Van Buren, Arkansas area and one-half of which will vest on June
30, 2017, and (ii) participation in USA Truck's Management Bonus Plan
for 2017, with (x) a grant of restricted shares at target equal to 30%
of annual base salary for 2017, with vesting conditioned upon
achievement of performance goals, with a performance period of January
1, 2017 through December 31, 2017, and subject to additional time-based
vesting and (y) a grant of restricted shares at target equal to 60% of
annual base salary for 2017, with vesting conditioned upon achievement
of performance goals, with a performance period of January 1, 2017
through December 31, 2019, in each case, subject to continued employment
and certain other vesting and forfeiture provisions.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements are made pursuant to the provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements, including statements concerning expected financial and
operating improvements and management capability, are based upon the
current beliefs and expectations of our management and are inherently
subject to risks and uncertainties, some of which cannot be predicted or
quantified, which could cause future events and actual results to differ
materially from those set forth in, contemplated by, or underlying the
forward-looking statements. Accordingly, actual results may differ
materially from those set forth in the forward-looking statements.
Readers should review and consider the factors that may affect future
results and other disclosures by the Company in its press releases,
Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission. Any forward-looking statement speaks only as of the
date on which it is made. We disclaim any obligation to update or revise
any forward-looking statements to reflect actual results or changes in
the factors affecting the forward-looking information. In light of these
risks and uncertainties, the forward-looking events and circumstances
discussed in this press release might not occur.
All forward-looking statements attributable to us, or persons acting on
our behalf, are expressly qualified in their entirety by this cautionary
statement.
About USA Truck
USA Truck is a capacity solutions provider of transportation and
logistics services that include truckload, dedicated contract carriage,
intermodal and brokerage spot market throughout the continental United
States, Mexico and Canada.
This press release and related information will be available to
interested parties at our web site, www.usa-truck.com,
under the "Financial Releases" tab of the "Investors" menu.
References to the “Company,” “we,” “us,” “our” and words of similar
import refer to USA Truck, Inc. and its subsidiary.
