TORONTO, (Aug. 24, 2004) — Recovering Atlas Cold Storage Income Trust has named former Vitran Corp. Chief Financial Officer Kevin Glass its own CFO and senior vice-president.

Glass — who was succeeded by Sean Washchuk at trucking and logistics giant Vitran Corp. — was also former CFO Livingston Group, a customs and brokerage company. His appointment with Atlas becomes effective on Sept. 20, Canadian Press reports.

Glass is expected to help improve profits and bring some financial disciple to the company, which has been struggling to recover from accounting irregularities that resulted in charges against three top executives this summer.

The charges allege former CEO Patrick Gouveia and three others — former chief financial officer Andrew Peters, Ronald Perryman, who was vice-president finance, and Paul Vickery, who was controller of the operating unit — violated the Securities Act by filing “materially misleading annual financial statements.” Their trial begins in October.

The company — which operated North America’s second-largest network of temperature-controlled warehouses, as well as trucking assets that supply food distributors and grocery chains — has been in financial disarray since last fall when announced it would have to restate 2002 and 2001 financial statements after an internal investigation found irregularities.

Soon after, the company said it would discontinue its Canadian trucking operations. It cited that its main troubles were in Western Canada, particularly at TCT Logistics, which sold all its refrigerated trucking assets to Atlas after it went into receivership in January of 2002.

Glass succeeds turnaround specialist Bill Aziz, who has been interim CFO of Atlas since November 2003. Aziz will stay on through Oct. 29 to complete the firm’s recapitalization and other efforts, CP reports.

— with Files From Canadian Press