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8-K - FORM 8-K - ARCBEST CORP /DE/ | d69739e8vk.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION
CEO ROBERT A. DAVIDSON TO RETIRE;
JUDY R. MCREYNOLDS NAMED HIS SUCCESSOR
CEO ROBERT A. DAVIDSON TO RETIRE;
JUDY R. MCREYNOLDS NAMED HIS SUCCESSOR
(Fort Smith, Arkansas, October 21, 2009) Robert A. Davidson, current President and Chief
Executive Officer of Arkansas Best Corporation (Nasdaq: ABFS) has announced his retirement from the
company effective on December 31, 2009. Mr. Davidson is also resigning from the Arkansas Best
Corporation Board of Directors, effective on December 31, 2009. Judy R. McReynolds, current Senior
Vice President, Chief Financial Officer and Treasurer will become Arkansas Bests President and
Chief Executive Officer on January 1, 2010. In addition, Ms. McReynolds was named to the Arkansas
Best Corporation Board of Directors, effective January 1, 2010.
Mr. Davidson, who will turn 62 years old later this year, has served as the President and
Chief Executive Officer of Arkansas Best Corporation since February 2006. He was named to the
Arkansas Best Corporation Board of Directors in December 2004. During his career, Mr. Davidson
served the company in various areas including as ABFs Vice President of Pricing from 1982 until
early 2003 and as ABFs Vice President of Marketing from 1997 until early 2003, when he was named
President of ABF Freight System, Inc.
Throughout Bob Davidsons nearly 38 years with our company, he has been instrumental in
helping to successfully guide Arkansas Best and ABF through dramatic changes in our company and in
the trucking industry, said Robert A. Young III, Arkansas Best Chairman. Following the 1980
deregulation of the trucking industry, Bob was the perfect person to establish ABFs new Pricing
Department and to develop and implement ABFs account pricing philosophies that have been major
contributors to the success and survival of ABF. During his time leading ABFs Marketing
initiative, Bob was instrumental in establishing ABFs award-winning position as the most
innovative, customer-centric carrier in the LTL industry. ABFs reputation for providing a high
level of service and significant value in the marketplace is built on the foundation that Bob
Davidson has helped establish over the years. We will miss his leadership and guidance and regret
his decision to take an early retirement. His service to our company is greatly appreciated, said
Mr. Young.
Judy R. McReynolds, who is 47 years old, has served in her current position since February 1,
2006. Prior to that she was Arkansas Bests Vice President, Controller, beginning in January 2000.
Ms. McReynolds joined Arkansas Best in 1997 after several years in public accounting and two years
at another publicly-held transportation company.
As a result of her nearly twenty years of service to the transportation industry, Judy
McReynolds is highly qualified to guide Arkansas Best Corporation. I am pleased to know that our
employees, customers and shareholders will be benefitting from her vision and judgment, said
Robert A. Davidson, Arkansas Best President and Chief Executive Officer. During her time at our
company, Judy has displayed a combination of intelligence, integrity and energy. She exhibits the
steady leadership that was established by our founder, Robert A. Young Jr. and that continues today
through our Chairman, Robert A. Young III. In her role as Chief Financial Officer, Judy has worked
closely with me in developing the strategic initiatives that will allow Arkansas Best to grow and
prosper for many years to come. We all can look forward to a bright future for our company under
her leadership.
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding
company. ABF Freight System, Inc., Arkansas Bests largest subsidiary, has been in continuous
service since 1923. ABF provides transportation of less-than-truckload (LTL) general commodities
throughout North America. More information is available at arkbest.com and abf.com.
Contact: | Mr. David Humphrey, Director of Investor Relations Telephone: (479) 785-6200 |
END OF RELEASE