As car hauler Allied Holdings exits bankruptcy, it’s getting a new president and CEO, Mark J. Gendregske. He replaces former CEO Hugh Sawyer, who was voted out by shareholders last month but remains on Allied’s board of directors.
Gendregske most recently served as president & CEO of Vector SCM, a supply-chain logistics company formed as a joint venture between General Motors and Menlo Worldwide. He also worked for over 20 years at DaimlerChrysler Corp. in various roles related to procurement, supply-chain logistics and labor relations.
The executive change comes after Decatur, GA-based Allied won court approval May 18 for its plan to exit bankruptcy. The company filed for Chapter 11 protection in 2005 after years of heavy financial losses. It lost $53.9 million in 2004 and $10.1 million in the first quarter of 2005 alone before filing for bankruptcy.
Allied’s reorganization is being led by private equity firm The Yucaipa Companies, which worked side by side with the Teamsters National Automotive Transportation Industry Negotiating Committee to win approval for its plan to cut driver wages by 15%. That money was then directed toward refurbishing the carrier’s aging fleet of tractors and trailers, according to Allied.
