Arkansas Best Corp. has approved salary increases for its incoming CEO, Judy McReynolds, and for Wesley Kemp, who will be the new president and CEO of ABF Freight System Inc., the company's largest subsidiary, according to a filing with the Securities & Exchange Commission.
Effective Jan. 1, 2010, when she takes over as CEO of the Fort Smith company, McReynolds's salary will be $450,000. Currently, she is senior vice president, chief financial officer and treasurer of the company. She will replace Robert A. Davidson as president and CEO and will join the board of directors on Jan. 1.
In 2008, the most recent information available, McReynolds' salary was $268,750 and her total compensation was $418,578.
McReynolds will also serve as the chairman of ABF Freight System Inc. McReynolds, 47, joined the company in June 1997.
Also effective Jan. 1, the salary for Kemp will be $400,000. Kemp, who is currently the president and chief operating officer of ABF, will become president, CEO and COO of ABF. Kemp, 62, has been with the company since 1969.
Kemp's 2008 salary was $300,00, and it was bumped to $350,000 in August when he was promoted to president and COO of the subsidiary.
Davidson retires as president and CEO of Arkansas Best and CEO of ABF on Dec. 31.
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