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.

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