USA Truck's Trucking Division President Martin Tewari Resigns in Latest Shakeup
Martin Tewari, the president of the trucking division at USA Truck Inc., resigned from his job on March 13, according to a company filing with the Securities and Exchange Commission.
The company didn’t provide any additional details other than to state that a search is underway for his replacement. Tewari joined USA Truck in September 2015 after a nearly a decade at the former Con-way Truckload Inc.
Tewari is the latest to leave during a tumultuous 12 months at the Van Buren, Arkansas, truckload carrier, which ranks No. 53 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
In May 2016, Chief Financial Officer Michael Borrows stepped down, leaving the job vacant for five months. James Reed replaced Burrows in October, but only a few months later he was promoted to CEO when Randy Rogers abruptly resigned a week before fourth-quarter earnings were released.
USA Truck lost $7.7 million dollars in 2016 after earning $17 million in profits combined in 2014 and 2015, although it’s only posted annual profits three times since 2008. Since 2009 the company has lost 38.5 million dollars.
On the Feb. 7 earnings call, Reed provided a stark analysis of the company’s shortcomings.
“[We] understand that we must execute and accelerate the pace of change at the company. Our results have been unacceptable,” Reed said. “We will not stand still. Our strategy is sound but our execution and pace have not been...We bring an intensity and immediacy to the table that I can say with certainty has not existed at USA Truck.”
