Welch, who has more than 30 years of experience in the transportation sector, takes the reins from William Zollars and will lead YRC as it emerges from restructuring, following years of financial struggles that threatened to put the company into bankruptcy.
He was most recently the president and CEO of logistics services provider Dynamex Inc.
The company appointed a new board of directors and said James Hoffman would be its chairman. Hoffman, 58, held various leadership roles for 10 years with Alliant Energy of Madison, Wisconsin, the company said.
YRC, which issued notes for $100 million in new capital, said it increased liquidity by replacing its existing asset-backed securitization, and exchanging some of the company's loans and other obligations for new securities.
At the time of exchange, shareholders will hold about 2.5 percent of outstanding stock and will be subject to further dilution.
Earlier, YRC reported adjusted second-quarter loss, and said shipments and revenue per shipment increased.
YRC earlier this month said it had received commitments for a loan refinancing and was on track to close its restructuring this month. .
A federal appeals court this month also gave new life to a rival's lawsuit against YRC, ruling that the suit brought by Arkansas Best Corp's freight unit against YRC and its labor union could go forward.
The union said in a statement that YRC's restructuring will save more than 25,000 Teamster freight jobs. (Reuters)
