Con-way Freight, which has struggled to regain its financial footing in the less-than-truckload market, announced the departure Tuesday of John G. Labrie as president.

Douglas W. Stotlar, chairman of the parent Con-way company, will replace Labrie on an interim basis for the next six to 12 months, the San Mateo, Calif.-based company said.

Con-way said Labrie left "to pursue other interests," but the company signaled strongly that it was shaking up its management following persistent losses that continued into the second quarter even as other trucking companies saw better results in an improving U.S. economy.

"Con-way Freight has built a 27-year reputation as a premium carrier in all respects," Stotlar said. "The management changes announced today are intended to ensure that we retain this position, and that we deliver to our shareholders, customers and employees the trust, consistent market-leading performance and sustainable value that have been the foundation of our success for nearly three decades."

Con-way's $2.574 billion in revenue last year placed the company third in the latest JOC Top 50 North American LTL Carriers rankings. Con-Way Freight's $17.2 million operating profit in the second quarter was better than the $3.1 million the trucking operation lost in the first quarter, but it was almost a third of what Con-way Freight earned a year ago even though Con-way's revenue grew 26 percent over last year.

The carrier has struggled to restore yields that were battered amid steep price discounting toward the end of 2009, when several carriers sought to pull shippers away from foundering market leader YRC. Con-way's yield declined 2.1 percent, excluding fuel, in the second quarter.

Con-way's vice president for pricing engineering, Sean Devine, also left the company recently, according to an investment analyst report.

In addition to its LTL carrier, Con-way Freight, the company has two other primary operating units -- Con-way Truckload and Menlo Worldwide Logistics.

Source: JOC