Roadway Seeks Ventures Outside Core Business

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The chairman of Roadway Express said a slow recovery from a threatened strike in 1998 has forced the company to look for opportunities outside of its core freight hauling business.

In comments to shareholders at the company’s annual meeting in Akron, Ohio, Michael W. Wickham said freight diversion during contract negotiations with the Teamsters union last year “proved very difficult to reverse” and resulted in a disappointing financial performance in 1998.

Although results in 1999 are “back on track,” Wickham announced the appointment of Robert L. Stull, currently vice president of Roadway’s western operations in Adelanto, Calif., to a new position of vice president of new venture commerce, effective May 1.

Wickham said the new position recognizes “that our core business must be managed daily to maintain and improve returns, and that we must look for opportunities outside of that. . . .”

Stull will oversee the development of new venture opportunities. However, Wickham did not specify what those ventures might be.

“Bob’s broad-based experience with Roadway has given him an excellent understanding of both the capabilities of our company and the transportation industry as a whole,” Wickham said. “We look forward to hearing good things from him.”

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