YRCW’s Welch Nets $2.3 Million; Wilson Takes the Money and Runs

UPDATED March 6, 2014: Two recent SEC filings reveal that James Welch, CEO of YRCW, sold 93,750 shares of company stock and made $2,329,358. He first sold 38,000 shares, then within a few days sold another 55,750 shares. The filing also noted that Welch owns 329,157 shares at a current value of over $8 million.

The SEC document is available here.

Meanwhile, Harry Wilson, YRCW Board member appointed by James Hoffa for the IBT, has resigned from the Board after he got $5.5 million for his role in the Teamster concession vote and the re-financing deal. Hoffa will now be able to nominate a replacement to the YRCW board.

Wilson made millions more in fees of $250,000 per month and for earlier services.

A report on Wilson’s resignation is available here.

Prior to the concession vote, Welch and other upper management reps were challenged by Teamsters to prove their equal sacrifice. Their answer was they were working for much less than their market value.


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

Philadelphia UPSers Win a Voice in Contract Negotiations

Fed up with information brownouts and contract givebacks, UPS Teamsters in Philadelphia have voted for sweeping reforms in the Local 623 bylaws to give members more power in contract negotiations.

IBT VPs Move to Block Imposition of UPS Deals

International Union Vice President Avral Thompson has issued a letter calling on President Hoffa and the General Executive Board (GEB) to honor the contract votes by UPSers in Detroit and Western Pennsylvania.

View More News Posts