Arkansas Best Takes 3Q Loss; CEO Davidson to Step Down

Arkansas Best Corp. said Wednesday it took a third-quarter loss and that Chief Executive Officer Robert Davidson will retire at the end of this year, to be succeeded by Judy McReynolds.

The carrier lost $5.6 million, or 23 cents a share, compared with net earnings of $15.4 million, or 60 cents, a year ago, it said in a statement.

Revenue fell to $399 million from $495.8 million a year ago, a per-day decline of 19.5%.

Less-than-truckload unit ABF Freight System had an operating loss of $14 million, compared with operating income of $25.2 million a year ago. Revenue fell to $369.8 million, from $476.3 million.

Davidson, 61, has been CEO since February 2006. He was vice president of pricing from 1982 until early 2003, and vice president of marketing from 1997 through early 2003, when he was named president of ABF Freight System.

McReynolds, 47, who has been Arkansas Best’s treasurer and chief financial officer since February 2006, will become CEO effective Jan. 1. She joined the company in 1997 after several years in public accounting and two years at another publicly held transportation company.

Arkansas Best Corp. is ranked No. 18 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.