USA Truck (#44 on the CCJ Top 250) has expanded its board of directors to accommodate the struggling carrier’s largest shareholders, a deal the current board chairman characterized as “constructive.”
The Arkansas-based trucking and transportation brokerage company on Friday named to the board Vadim Perelman, managing partner and chief investment officer of Baker Street Capital, and Thomas Glaser, a former company advisor and executive. The additions expand the board to nine members.
On May 7, Baker Street, a Los Angeles-based hedge fund, joined with Stone House Capital of New York City to form United Shareholders for the Benefit of USAK. United Shareholders are collectively now the largest shareholder of USA Truck with an approximate equity stake of 28 percent of the company’s shares.
According to that SEC filing, coming a day after the expiration of a USA Truck “poison pill” meant to limit ownerships blocks and discourage hostile takeovers, United Shareholders was formed “for the purpose of engaging in discussions with the management and the board regarding the composition of the board, [USA Truck]’s operating results and available opportunities to enhance stockholder value.”
USA Truck said at the time the company welcomes the input of shareholders – a message Chairman Robert A. Peiser reiterated Friday.
“As always, the USA Truck Board is dedicated to creating value for our shareholders and we appreciate the constructive input that Baker Street Capital and Stone House Capital have provided towards our mutual goal over the past several months,” Peiser said in a statement.
Peiser cited Perelman’s “valuable financial and strategic expertise” and noted that Glaser has been a senior transportation executive for almost three decades and served as a consultant to USA Truck in 2012 and as interim chief operating officer in 2013.
