USA Truck Ousts CFO Darron Ming

by Talk Business & Politics ([email protected]) 461 views 

USA Truck Inc. has fired CFO and executive vice president Darron R. Ming in the third leadership change since reporting record quarterly losses in October.

The firing was revealed in U.S. Securities and Exchange Commission documents filed Dec. 28. One stated that Ming’s employment was terminated Dec. 26. No reason was given.

The same document also stated that “in connection with internal realignment of reporting,” J. Rodney Mills, previously the company’s general counsel, chief administrative officer and executive vice president, is now serving as general counsel and vice president.

Another filing showed Ming, who has been with the company since August 2000, forfeited 20,021 shares of unvested stock upon his termination. He still owns 9,407 shares in the company.

USA Truck’s shares were trading at $3.42 at mid-morning Thursday on the Nasdaq, down 7 cents or 2.01 percent.

These aren’t the only leadership changes the Van Buren-based trucking firm has made since posting a third-quarter net loss of $6.07 million, or 59 cents per share, on Oct. 26. That was the biggest quarterly loss in the company’s history.

On Dec. 13, consultant Thomas Glaser was named interim chief operating officer effective Jan. 1, for an initial term of three months.

In November, the company appointed Robert A. Peiser as chairman of the board. He replaced Terry A. Elliott, who remains on the board of directors.

Also in November, the board adopted a stockholders rights plan designed to protect stockholders’ interests “in the event of an unsolicited takeover attempt regarding the company,” a news release stated.