Today Roadrunner Transportation Systems Inc. announced that they would be moving company headquarters amid C-Suite changes and reports of accounting discrepancies.
Headquarter Move To Make Travel Easier For Customers, Says Roadrunner
Roadrunner headquarters will be moving from Cudahy, Wisconsin, to Downers Grove, Illinois. Roadrunner says that the move is designed to make travel easier for its customers and operating units. The 185 workers employed at the trucking terminal in Cudahy will not be moving and no job cuts are expected.
Roadrunner Changed Executive Leadership Following Reporting Of Accounting Discrepancies
The news of the headquarter move comes with more news of new faces in Roadrunner’s C-Suite. Roadrunner’s CEO since 2006 Mark DiBlasi stepped down in early May and was replaced by Curt Steeling. The company’s CFO since 2005 Peter Armbruster was terminated on March 29 and replaced by Terence Rogers, who also serves as executive vice president.
Ambruster was fired following revelations of accounting discrepancies that led to company leadership informing Roadrunner investors that financial disclosures from the past three years cannot be relied upon. The accounting error has resulted in lower-than-previously-thought earnings reports. These errors could result in up to $25 million in adjustments and $200 million in goodwill impairment charges.
Roadrunner is facing at least three lawsuits from investors, according to reports.
Roadrunner stock prices fell significantly on the New York Stock Exchange at the beginning of February and have yet to return to their peak pricing for 2017.