After a three-month search, United Road Services named Gerald R. Riordan, the former head of Ryder System’s consumer truck rental and student transportation businesses, to be its new chief executive officer.
The company also canceled a $225 million bank line of credit that was earmarked for acquisitions, because of problems in integrating the operations of 56 car haulers and towing companies acquired over the past 18 months.
Using proceeds from an initial public stock offering in May 1998 and borrowed funds, URS assembled what was thought to be the first nationwide nonunion network of carhaulers and towing companies (2-15, p. 6).
The company reported net income of $2.4 million on revenue of $113.6 million in the first six months of 1999, but officials said they expect to report a loss in the third quarter that ended Sept. 30.
For the full story, see the Oct. 18 print edition of Transport Topics. .
