Allied Holdings, a financially troubled logistics and trucking company serving the automotive industry, has hired turnaround specialist Dave Rawden as senior vp of business process engineering. Rawden will report directly to president & CEO Hugh Sawyer.
Rawden previously worked for Jay Alix & Associates, where he was a principal in the firm's turnaround and crisis management business unit.
In the first six months of 2001, Allied posted losses of $24.6 million and narrowly avoided being de-listed from the New York Stock Exchange despite falling below the exchange's listing standards of $50 million in total market capitalization. Allied worked out a deal where it would remain listed with the NYSE, subject to quarterly monitoring, as long as it gets over the $50 million mark by November 29.