– USA, AR – ArcBest Corporation (Nasdaq: ARCB) today announced that President and Chief Executive Officer Judy R. McReynolds has been elected to the additional role of Chairman of the Board of Directors, effective immediately following ArcBest’s 2016 Annual Meeting, succeeding Robert A. Young III who will retire on that date.
The company also announced the election of current board director Steven L. Spinner as Lead Independent Director, a newly created position, for a one-year term. Spinner, 56, has been a director of the ArcBest board since 2011. He is currently President, CEO and board member of United Natural Foods, Inc.
As Lead Independent Director, Spinner’s duties will include: together with the Chairman/CEO, planning, reviewing and approving meeting agendas for the Board; advising the Chairman/CEO of the information needs of the Board; acting as a liaison between the Chairman/CEO and the independent directors; and calling meetings of the independent directors.
“My pride in ArcBest and in the caring attitude that our employees demonstrate daily for customers goes back a long way,” said Young. “Seeing this company grow has given me enormous gratitude. Judy has been a strong leader in her six years as CEO, and as she takes on the role of Board Chairman, I have great confidence that our company is in the right hands for the future.”
McReynolds thanked Young for his dedicated service and congratulated him and his wife Mary on their well-deserved retirement.
“Robert’s stewardship of ArcBest over so many years has been simply invaluable,” said McReynolds. “His association with ArcBest first began 65 years ago when his father, Robert A. Young Jr., purchased our first trucking company in 1951. Throughout those many years, Robert’s devotion and positive influence on our company have been evident and impactful. His deep industry knowledge and commitment to doing the right thing have led our company to expand far beyond our regional roots to become a premier provider of transportation services across the country. His guidance and friendship have meant a great deal to me personally and so many others here, and we will miss him greatly.”
Young, 75, has served as a director of ArcBest, previously known as Arkansas Best, since 1970, Board Chairman since 2004 and has reached the retirement age outlined in the company’s bylaws. Capping a long career at the company that began in 1964, he served as CEO from 1988 until his retirement from that position in 2006. From 2004 to 2006, Young also served as President, CEO and Board Chairman.
McReynolds, 53, an 18-year-veteran of ArcBest, has been president and CEO of ArcBest since 2010 and prior to that served as the company’s chief financial officer.
McReynolds also serves on the board of publicly held OGE Energy Corp. She is current Chairman of the Board of the American Transportation Research Institute and also serves on the board and executive committee of the American Trucking Associations, the Transportation Industry Council of the Federal Reserve Bank of St. Louis and the Dean’s Executive Advisory Board of the Sam M. Walton College of Business at the University of Arkansas, along with other nonprofit organizations.
Spinner, who has broad expertise in wholesale food distribution, logistics and network businesses, currently serves on the board’s audit committee. As an executive who has overseen the integration of two merged companies and is currently an active CEO of a public company, Mr. Spinner is well suited to the position of Lead Independent Director.
“Beginning with the acquisition of Panther Premium Logistics in 2012, ArcBest has undergone a significant transformation into a full-service logistics company and there are many ongoing initiatives underway in which the board is deeply engaged,” said Spinner. “I look forward to serving in this new position and helping the company reach its next level of success.”
About ArcBest
ArcBest Corporation (Nasdaq: ARCB) solves complex logistics and transportation challenges. Our companies and brands – ABF Freight, ABF Logistics, Panther Premium Logistics, FleetNet America, U-Pack and ArcBest Technologies – apply the skill and the will with every shipment and supply chain solution, household move or vehicle repair. ArcBest finds a way.
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