ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On October 29, 2009, the Compensation Committee of the Board of Directors of
Arkansas Best Corporation (the "Company") approved salary increases for two
Company officers.
Effective January 1, 2010, the salary for Judy R. McReynolds will be $450,000.
Ms. McReynolds, Senior Vice President, Chief Financial Officer and Treasurer of
the Company, will replace Robert A. Davidson as President and Chief Executive
Officer of the Company and will join the Company's Board of Directors on
January 1, 2010. In addition, Ms. McReynolds will also serve as the Chairman of
the Board of Directors of the Company's largest subsidiary, ABF Freight System,
Inc. ("ABF").
Ms. McReynolds, who is 47 years old, has served in her current position since
February 1, 2006. From January 2000 to January 2006, Ms. McReynolds was the
Company's Vice President-Controller. She previously served as the Controller of
the Company from July 1998 until December 1999. Ms. McReynolds joined the
Company as the Director of Corporate Accounting in June 1997.
Effective January 1, 2010, the salary for Wesley B. Kemp will be $400,000.
Mr. Kemp, President and Chief Operating Officer of ABF will replace Mr. Davidson
as Chief Executive Officer of ABF. Effective January 1, 2010, Mr. Kemp will be
President, Chief Executive Officer, and Chief Operating Officer of ABF.
Mr. Kemp, who is 62 years old, has served in his current position since
August 2008. From February 2006 through July 2008, he was Senior Vice President
of Operations of ABF. From December 1984 through January 2006, Mr. Kemp was
ABF's Vice President - Terminal Operations. He previously served as Regional
Vice President-Operations for ABF from July 1981 through December 1984, and
Director-Regional Terminal Operations for ABF from November 1980 until
July 1981. Between 1969 and 1980, Mr. Kemp served in ABF's Operations Department
as Equipment Coordinator, Manager-System Design, Manager-Production Systems, and
Director-Engineering.
Mr. Davidson will retire as President and Chief Executive Officer of the Company
and Chief Executive Officer of ABF on December 31, 2009.
