Roadway Shareholders Approve All Proposals
24 March 1999
Roadway Shareholders Approve All Proposals; Chairman Previews First Quarter; Board Announces Promotions
AKRON, Ohio--March 24, 1999--The shareholders of Roadway Express, Inc. today voted to elect all nominees proposed for election to the Board of Directors. They are: Frank P. Doyle, John F. Fiedler, Dale F. Frey, Phillip J. Meek, Carl W. Schafer, Sarah Roush Werner and Michael W. Wickham. Robert E. Mercer, who has served as a director with the Roadway organization since 1989, retired at the end of his expiring term of office.In his comments to shareholders, Michael W. Wickham, Chairman of the Board and CEO, stated, "We expect our 1999 first quarter results to be better than first quarter 1998, which would make it the best first quarter since our spinoff from RSI."
Wickham said that in 1998, a contract renewal year, "several of our customers did not give us much credit for being able to come to timely agreement with the Teamsters, and they began very early to divert portions of their freight to our non-union competitors as insurance against a potential work stoppage. Those early diversions proved very difficult to reverse. As a result, the Company's business levels suffered for most of 1998, and our bottom line took a disappointing blow."
"Nevertheless -- as Roadway has for 68 years -- we adjusted, improved and managed ourselves to a point where we now fully expect to be back on track for year-over-year improvements in results," Wickham stated.
The Board of Directors elected Robert L. Stull, to the new position of Vice President - New Venture Commerce effective May 1, 1999. Stull, 44, began his career with Roadway in 1977. He currently serves as Vice President of the Company's Western Division, based in Adelanto, California. He has served in numerous capacities during his tenure with Roadway.
Commenting on the new position, Wickham stated, "Recognizing that our core business must be managed daily to maintain and improve returns, and recognizing that we must look for opportunities outside of that, we have established the position of Vice President - New Venture Commerce. This position will report to the CEO and will oversee the development of new venture opportunities, while the rest of the Roadway organization remains focused on our core product offering."
"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. We welcome Bob to this new position and the challenges it brings in our dynamic, ever-evolving industry. We look forward to hearing good things from him," Wickham concluded.
Thomas (T.J.) J. O'Conner, who is currently Roadway's District Manager in Dallas, Texas, was elected to replace Stull as the Company's Vice President - Western Division. O'Conner, 38, started with Roadway in 1982. He has held various positions within the Company.
While most of the information provided herein is historical, some of the comments made are forward-looking statements. The Company's actual performance may differ from that forecast as a result of variable factors such as the state of the national economy, capacity and rate levels in the motor-freight industry and the success of the Company's operating plans.
Roadway Express is a leading carrier of industrial goods delivering a variety of innovative services designed to meet customer needs. Providing seamless service throughout the entire North American trading market, Roadway offers shippers ocean access to 66 countries on six continents. The Company is dedicated to being the most reliable, responsive, efficient -- and safe -- motor carrier in the transportation industry. For additional information, please contact the Company at www.roadway.com.