Shareholders of Arkansas Best Corp. of Fort Smith will elect three directors at the company's annual meeting April 22 and vote on a proposal to raise maximum executive pay from $1 million to $3 million annually.
Directors up for re-election to one-year terms are John W. Alden, retired vice chairman of United Parcel Service of America Inc. of Atlanta; Frank Edelstein, a consultant with Kelso & Co. Inc. of New York, a private equity investment company; and Bob Young, retired CEO of Arkansas Best.
The board approved the executive compensation plan Feb. 18, Arkansas Best said in its annual proxy statement filed with the federal Securities & Exchange Commission.
In 2009, the top five officials at Arkansas Best and their total compensation were Robert A. Davidson, who retired as Arkansas Best's president and CEO on Dec. 31, $1.7 million; Wesley Kemp, COO and president of Arkansas Best Freight, the company's main subsidiary, $904,000; Roy M. Slagle, senior VP of Arkansas Best subsidiary ABF Freight System Inc. $619,000; Senior VP Christopher D. Baltz, $586,000; and Judy McReynolds, the company's CFO who succeeded Davidson as CEO on Jan. 1, $554,000.
The annual meeting will be held at the corporate headquarters in Fort Smith.