UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 2011 (September 21, 2011)
ARKANSAS BEST CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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0-19969 |
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71-0673405 |
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(State or other |
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(Commission File Number) |
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(IRS Employer |
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jurisdiction of incorporation) |
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Identification Number) |
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3801 Old Greenwood Road |
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Fort Smith, Arkansas |
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72903 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (479) 785-6000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 5.02 |
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
On September 21, 2011, Arkansas Best Corporation (“the Company”) announced that Wesley B. Kemp, current President and Chief Executive Officer of its largest subsidiary, ABF Freight System, Inc. (“ABF”), will retire on December 31, 2011. Roy M. Slagle, ABF’s current Senior Vice President - Sales and Marketing, will become ABF President and Chief Executive Officer, effective January 1, 2012. James W. Keenan, ABF’s current Vice President — Sales, will replace Mr. Slagle as ABF Senior Vice President - Sales and Marketing.
Roy Slagle, who is 57 years old, has been in his current position since February 2006. He was Vice President-Administration and Treasurer for ABF from January 2000 through January 2006 and Vice President and Treasurer for ABF from 1995 to 2000. He was a Regional Vice President of Sales for ABF from 1989 to 1995. Between 1976 and 1989, Mr. Slagle served in several different positions in ABF service centers, including Operations Supervisor, Operations Manager, Branch Manager, and Regional Training Specialist. Effective January 1, 2012, Mr. Slagle’s salary will be $375,000.
Jim Keenan, who is 52 years old, has been in his current position since February 2007. He joined ABF in 1981, working in the pricing department as analyst and later as a department manager. He was promoted to ABF Regional Vice President — Sales in 1988. For three years in the late 1990s, Mr. Keenan served as Vice President — Sales and Marketing for Clipper Exxpress, a former subsidiary of the Company, returning to ABF in 1999. Prior to assuming his current sales position in 2007, he was ABF Vice President — Administration & Treasurer. Effective January 1, 2012, Mr. Keenan’s salary will be $285,000.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS.
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99.1 |
Press release of Arkansas Best Corporation dated September 21, 2011, regarding the announcement of the December 31, 2011 retirement of Wesley B. Kemp, ABF President and Chief Executive Officer, and the January 1, 2012 promotion of Roy M. Slagle to ABF President and Chief Executive Officer. |
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99.2 |
Press release of Arkansas Best Corporation dated September 21, 2011, regarding the announcement of the January 1, 2012 promotion of James W. Keenan to ABF Senior Vice President — Sales and Marketing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ARKANSAS BEST CORPORATION | |||
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(Registrant) | |||
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Date: |
September 23, 2011 |
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/s/ Michael R. Johns |
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Michael R. Johns, | ||
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Vice President — General Counsel and | ||
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Corporate Secretary | ||
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ABFÒ PRESIDENT AND CEO WESLEY B. KEMP TO RETIRE;
ROY M. SLAGLE NAMED HIS SUCCESSOR
(Fort Smith, Arkansas, September 21, 2011) — Arkansas Best Corporation (Nasdaq: ABFS) today announced that Wesley B. Kemp, current President and Chief Executive Officer of its largest subsidiary, ABF Freight System, Inc.Ò (“ABF”), will retire on December 31, 2011. Roy M. Slagle, ABF’s current Senior Vice President of Sales and Marketing, will become ABF’s President and Chief Executive Officer, effective January 1, 2012.
Mr. Kemp, who is 65 years old, has served as the President and Chief Executive Officer of ABF since January 2010. Throughout his nearly 43-year career with ABF, beginning as a management trainee in 1969, Wes continually advanced in ABF leadership positions with increasing responsibility including Regional Vice President of Operations, Vice President of Terminal Operations, Senior Vice President of Operations, President and Chief Operating Officer and his current position of President and CEO.
“During his ABF career that has spanned more than four decades, Wes Kemp has been an integral part of ABF’s transformation from a small LTL carrier with revenues totaling $45 million and service centers in 12 states to a flexible, innovative, and full-service LTL carrier with $1.7 billion in revenues and 275 service centers across North America,” said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer.
“Wes Kemp is a man of integrity and a true professional. His hard work and dedication to detail have benefited our company during his time here. Wes took over the leadership of ABF in the midst of one of the most severe recessions in our company’s history. His patience and guidance during this very difficult time have enabled ABF to return to profitability,” said Ms. McReynolds. “We thank Wes for his longtime service to our company and we wish Wes and his wife Sharon Ann much happiness for many years to come as they enjoy more time together.”
Roy Slagle, who is 57 years old, has been in his current position since February 2006. During his 35 years with ABF he also served as Vice President Administration and Treasurer, Vice President and Treasurer, and Regional Vice President of Sales. Mr. Slagle’s early years
with the company included a variety of field operations positions in Ohio and Pennsylvania. He began his ABF career at the Dayton, OH distribution center and was the branch manager of ABF’s Carlisle, PA distribution center for three years. These are the two largest facilities in the ABF network.
“As a result of the operational, sales, pricing and administrative experiences that Roy Slagle has had during his ABF career, he possesses a comprehensive skill set that uniquely qualifies him to lead ABF into the future,” said Ms. McReynolds. “Roy’s experience in almost every area of ABF, both in field operations and in our corporate headquarters, gives him a strong foundation from which to draw as CEO of ABF.”
“Roy’s experience and success in guiding ABF’s sales, marketing and pricing efforts during a challenging period in the LTL industry will be important assets as he leads ABF in adjusting to marketplace changes and in being flexible to meet the evolving needs of our customers,” said Ms. McReynolds. “In spite of the fact that an experienced leader like Wes Kemp is retiring from our company, I feel comfortable that ABF will be in great hands under Roy’s leadership.”
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best’s largest subsidiary, has been in continuous service since 1923. ABF has evolved from a local less-than-truckload (LTL) motor carrier into a global provider of customizable supply chain solutions.
ABF operates as a global provider of customizable supply chain solutions. ABF enhances supply chain efficiencies and achieves optimum performance by focusing on specific logistics needs and customizing appropriate responses. The carrier’s resource-rich infrastructure includes a dynamic dual-system network for regional and national transportation. Its portfolio of logistics services extends from the manufacturer’s floor to expedited or white-glove final delivery. In between, customers benefit from a single point of contact and total end-to-end supply chain visibility.
More information is available at arkbest.com and abf.com.
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Contact: |
Mr. David Humphrey, Vice President, Investor Relations and Corporate Communications |
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Arkansas Best Corporation |
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Telephone: (479) 785-6200 |
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Mr. Russ Aikman, Director of Marketing & Public Relations |
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ABF Freight System, Inc. |
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Telephone: (479) 785-8913 |
Photo images of Mr. Kemp and Mr. Slagle are available at http://www.abfs.com/about/press/executives.asp
END OF RELEASE
EXHIBIT 99.2
FOR IMMEDIATE RELEASE
ABF FREIGHT SYSTEM, INC. ® NAMES JAMES W. KEENAN
SENIOR VICE PRESIDENT - SALES AND MARKETING
(Fort Smith, Arkansas, September 21, 2011) — ABF Freight System, Inc. ®, the largest subsidiary of Arkansas Best Corporation (Nasdaq: ABFS), today announced the appointment of James W. Keenan to the position of Senior Vice President - Sales and Marketing, effective January 1, 2012. Mr. Keenan, who has been with the corporation for 30 years, currently serves as ABF’s Vice President - Sales.
In his new role, Mr. Keenan will have responsibility for execution and administration of ABF’s local and corporate sales; marketing and yield management. He will also oversee ABF’s advertising and public relations initiatives. Mr. Keenan replaces Roy M. Slagle whose January 2012 appointment as ABF’s new President and Chief Executive Officer, replacing the retiring Wesley B. Kemp, was announced earlier today.
“Jim’s thirty year career with ABF and former Arkansas Best intermodal subsidiary Clipper Exxpress includes leadership positions in rating, pricing, and sales management over a broad spectrum of logistics including less-than-truckload, truckload, intermodal, ocean, warehousing, specialized/customized delivery, expedited and more,” said Roy M. Slagle, ABF’s current Senior Vice President - Sales and Marketing. “Jim’s leadership has had a transformational effect on the ABF sales organization resulting in an extremely effective organizational structure, a results-driven training regimen and world class business analytical tools. As I move into my new ABF leadership role in January 2012, I am pleased to have a person of Jim’s caliber overseeing our sales, marketing, and yield management efforts.”
Mr. Keenan came to ABF® with the East Texas Motor Freight acquisition, working in the pricing department as an analyst and later as a department manager. He was promoted to ABF Regional Vice President - Sales in 1988. For three years in the late 1990s Mr. Keenan served as Vice President — Sales and Marketing for Clipper, returning to ABF in 1999. Prior to assuming his current sales position in 2007, he was ABF’s Vice President - Administration & Treasurer.
ABF operates as a global provider of customizable supply chain solutions. ABF enhances supply chain efficiencies and achieves optimum performance by focusing on specific logistics needs and customizing appropriate responses. The carrier’s resource-rich infrastructure includes a dynamic dual-system network for regional and national transportation. Its portfolio of logistics services extends from the manufacturer’s floor to expedited or white-glove final delivery. In between, customers benefit from a single point of contact and total end-to-end supply chain visibility.
Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best’s largest subsidiary, has been in continuous service since 1923. More information is available at arkbest.com and abf.com.
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Contact: |
Mr. Russ Aikman, Director of Marketing & Public Relations |
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ABF Freight System, Inc. |
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Telephone: (479) 785-8913 |
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Mr. David Humphrey, Vice President, Investor Relations and Corporate Communications |
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Arkansas Best Corporation |
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Telephone: (479) 785-6200 |
A photo image of Mr. Keenan is available at http://www.abfs.com/about/press/executives.asp
END OF RELEASE