May 24–Roadrunner Transportation Systems Inc. will move its headquarters from Cudahy to Downers Grove, Ill., the trucking and logistics company said Wednesday.
Some 185 jobs will remain in Cudahy, where Roadrunner has offices and a terminal at 4900 S. Pennsylvania Ave. No workforce reduction is planned, the company said.
The move comes amid leadership changes at the firm, which has been troubled by accounting issues and a stock price that has fallen by more than a third since January.
Along with the relocation, Roadrunner said it has named a new chief financial officer — a change that comes just three weeks after the company appointed a new CEO.
Taking over financial leadership is Terence R. Rogers, who comes to Roadrunner from The Heico Companies, a Chicago-based group of more than 35 businesses involved in manufacturing, construction and industrial services.
Rogers replaces Peter Armbruster, who was terminated as chief financial officer on March 29. His departure followed disclosure of accounting discrepancies at two operating subsidiaries that forced Roadrunner to warn investors not to rely on its financial statements of the last three years.
The company has been working to restate nearly two years’ worth of financial results, lowering previously reported earnings.
In the wake of the accounting woes, various investors have filed three separate lawsuits against Roadrunner, alleging they were misled by the company’s earlier statements of its performance. Those actions have been consolidated in federal court in Milwaukee, with the Mississippi public employees pension system designated as the lead plaintiff.
Early this month, Roadrunner also replaced CEO Mark DiBlasi.
DiBlasi, who oversaw an aggressive acquisition course that made the Cudahy trucking company one of the country’s 20 largest carriers, was replaced by Curt Stoelting, who came to Roadrunner in January 2016 as president and chief operating officer.
Both Stoelting and Rogers, the new chief financial officer, have homes in suburban Chicago — where Roadrunner’s corporate headquarters now will move. Stoelting owns a home in Hinsdale, Ill., about five miles from Downers Grove, property records show. Rogers has a home in Barrington, Ill., about 30 miles away, records indicate.
Before joining Roadrunner, Stoelting was CEO of RC2 Corp., an Oak Brook, Ill.- based child-products and toy company, and TOMY International, whose Tokyo-based corporate parent acquired RC2 in April 2011. He resigned from TOMY in April 2013.
In a statement, Roadrunner said it is moving the headquarters to Downers Grove “to locate its new executive management team for easier travel to both customers and geographically dispersed operating units.”
(c)2017 the Milwaukee Journal Sentinel
Visit the Milwaukee Journal Sentinel at www.jsonline.com
Distributed by Tribune Content Agency, LLC.