Fort Smith-based ArcBest announced Tuesday (Sept. 1) that Danny Loe will add the role of president of the company’s asset-light segment while also retaining the title of chief yield officer he was given as part of management restructuring in 2016.
The 2016 management changes included consolidation of ABF Logistics, ABF Moving and Panther Logistics into one division. That round of restructuring resulted in an estimated 130 job cuts. The company said no job cuts are part of Tuesday’s announcement.
Loe has been with ArcBest since 1997 and has held several senior positions in ABF Freight pricing. Jim Ingram remains the chief operating officer of the asset-light division and will report to Loe. The management changes announced Tuesday also include Dennis Anderson who was promoted earlier this year to chief customer officer and is now overseeing all “customer-facing functions” including sales, marketing, customer service as well as strategy, the company noted.
“As our customer and carrier needs evolve, so too must our ability to provide best-in-class service that is synonymous with doing business at ArcBest,” Judy McReynolds, ArcBest chairman, president and CEO, said in the statement. “Dennis and Danny, along with our entire leadership team, fully understand what sets ArcBest apart, and we are committed to creating a seamless experience for our customers and the capacity sources they require.”
Anderson joined ArcBest in 2003 and has held positions in the company’s pricing department and led the ArcBest strategy team. Most recently, Anderson has served as chief customer experience officer, where his focus has remained on ArcBest’s growth strategy including marketing and customer experience.
“With billions of dollars in identified customer and market opportunity available, the combination of yield management and asset-light operations under the leadership of Mr. Loe is part of the company’s strategic plan to grow our asset-light business to 50 percent of our overall revenues, and it will accelerate our success in providing comprehensive capacity solutions to our customers’ challenges,” McReynolds said.
Revenue in the first half of the year for the logistics division was $316.242 million, down from $354.377 million in the same period of 2019. Operating income for the first half was a loss of $106,000, well below the $3.852 million gain in the same period of 2019.
ArcBest, the parent company of ABF Freight, one of the nation’s largest less-than-truckload carriers, and ArcBest Logistics and FleetNet, reported July 27 that net income in the first half of 2020 was $17.782 million, down 39.2% from the $29.264 million in the same period of 2019. Revenue in the first half of the year is $1.328 billion, down from the $1.483 billion in the same period of 2019.
As of the end of July, ArcBest employed around 1,645 in the Fort Smith area, with 882 of those hourly and 763 salaried, according to the company. The company has an estimated 11,260 employees, and the number of ABF employees who are union members is 7,070.
Company shares (NASDAQ: ARCB) closed Tuesday at $34.76, up 94 cents. During the past 52 weeks the share price has ranged between $35 and $13.54.