Under the YRCW restructuring in 2010, the Teamsters National Freight Industry Negotiating Committee (“TNFINC”) is permitted to “nominate” up to two individuals to serve as “independent” directors on YRCW’s Board of Directors. As “independent” directors, the individuals nominated by TNFINC would be prohibited by applicable securities laws and regulations from being beholden to TNFINC or, for that matter, the IBT and its Local Unions.
After thorough consideration, TNFINC has nominated William R. “Bob” Davidson to serve on YRC Worldwide’s Board of Directors to fill a seat that was vacated earlier this year. Mr. Davidson has nearly four decades of experience in various operational and labor relations capacities with ABF, Roadway and YRCW. He started his career in the trucking industry working on the docks for ABF in Dayton, Ohio.
Given what has transpired at YRCW since 2011, when the current Board of Directors was originally seated, TNFINC sought out a candidate who possesses: 1) extensive trucking industry experience; and 2) an ability to understand and relate to the issues and perspective of our members, the front line rank and file workers who make this Company run.
It is the opinion of TNFINC and numerous Local Union officials familiar with the freight industry that Mr. Davidson is well qualified and meets the eligibility rules for this position. In addition to his significant operational and labor relations experience he is also widely respected and has established relationships with both management and labor over many years that are based on his reputation of integrity and fairness. With respect to eligibility Mr. Davidson meets the strict requirements under YRCW corporate by-laws, stock exchange rules, and federal securities law for the TNFINC nominee to serve as an “Independent Director.”
It is important for all of us to remember that, under federal and state securities laws, the responsibility of the Board of Directors “is exercising governance as representative of the Company’s stockholders so as to promote the success performance of the Company.” It is our belief that that Mr. Davidson will carry out this responsibility through the lens of having worked, managed, negotiated and interacted with Teamsters and their representatives at all levels with various trucking companies and will be sensitive to issues affecting our members as well as those which relate to the overall business operations of the Company. For these reasons we believe Mr. Davidson is an outstanding candidate for the YRCW Board of Directors.
The current eight members of YRCW’s Board of Directors have approved TNFINC’s nomination of Mr. Davidson and he will be seated for the Company’s next board meeting.