Tuesday, March 09, 2010

Arkansas Best To Elect 3 Directors, Vote On Pay Plan

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.

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