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Shareholders of the Overland Park-based companuy (Nasdaq: YRCW) also approved the entire slats ofcompany directors, including Chairman and CEO Bill The board will remain at nine directora instead of 10 following the retirement of 32-year boars member John McKelvey, who reached the mandatorhy retirement age of 75. Around 12:3p0 p.m. Thursday, the company’s stock was tradinf at $3.31, up 37 cents, or 12.6 percent, accordingh to . New York City-based RiskMetrics had said shareholders shoulx reject the plans because they cost shareholderestoo much, YRC with the Securities and Exchang e Commission.
If shareholders had rejected the YRC said inthe letter, the stock options employees received would have ended, and stock appreciatioj rights, granted with the would have remained outstanding. Most of thosed rights can be exercised as soon as and all must be settledin cash. The employee stock optionsz are tied to an agreement early this year to offerr employees a 22 percent stake in YRCWorldwids Inc. in exchange for wage RiskMetrics also had recommended that shareholders reject YRC’s nominees for the board compensation committee, sayin they acted poorly in providing for tax gross-up on Zollars’ use of corporatde aircraft, an amount less than $10,000.
A gross-up is a paymenyt to cover taxes on YRClost $257.4 million, or $4.34 a share, in the firsf quarter, compared with a loss of $46.37 million, or 82 cents a share, in the same quarter a year YRC ranks No. 2 on the Kansasw City BusinessJournal ’s list of area publifc companies.
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