ArcBest names new chief financial officer
Matt Beasley will be the next chief financial officer at Fort Smith-based ArcBest beginning May 14. Beasley, now the company’s treasurer, is succeeding David Cobb, who is retiring after 17 years with ArcBest.
Beasley, 44, joined the company in early 2022 and has more than 20 years of financial experience, primarily in the energy sector, including executive-level roles in treasury, investor relations, enterprise risk management, and financial planning and analysis. Beasley was with Oklahoma City-based Enable Midstream Partners between July 2007 and December 2021. He was Enable’s senior finance leader when he left.
Dallas-based Energy Transfer acquired Enable in a deal that closed in December 2021. OGE Energy Corp. was a stakeholder in Enable. Judy McReynolds, ArcBest board chair, president and CEO, is a member of the OGE Board of Directors.
Prior to Enable, Beasley had two stints at Tulsa-based Williams Co., where he worked a combined 5 years for the energy company.
According to ArcBest, Beasley “played an instrumental role” in the renegotiation of ArcBest’s revolving credit facility, long-term capital allocation planning and the sale of FleetNet America to Cox Automotive Mobility Solutions. ArcBest announced on Feb. 28 it had sold FleetNet to Cox in a $100 million cash deal.
“Matt is a well-rounded and experienced leader who has positively impacted our organization, and I look forward to working closely with him as the next CFO,” McReynolds said in a statement. “Since joining ArcBest last year, Matt has become an invaluable contributor, and we will continue to leverage his experience and expertise as we advance our growth strategy. On behalf of the ArcBest board and the entire team, we also thank David for his significant contributions over the last 17 years, and we wish him the very best in his retirement.”
Cobb will continue with ArcBest as a senior advisor, according to the company.
“I am excited for the opportunity to serve ArcBest as its next CFO,” Beasley stated. “It’s an honor to be part of such a talented and dedicated team, and I look forward to working together as we build on our 100-year track record of success.”
Beasley holds a bachelor’s degree in finance and management information systems from the University of Tulsa and a master’s degree of business administration in entrepreneurship from St. Edward’s University.
ArcBest was founded in 1923 and now has more than 15,000 employees at more than 250 campuses and service centers. ABF Freight, a less-than-truckload carrier, is the largest ArcBest subsidiary by revenue. The company posted a record year for revenue and net income in 2022. Full-year revenue was $5.324 billion, up 33.7% compared with 2021 revenue of $3.98 billion. Full-year net income was $298.209 million, up 39.6% compared with the $213.521 million in 2021. The publicly held company is set to report first-quarter financials on April 28.
ArcBest shares (NASDAQ: ARCB) opened Thursday at $88.24. During the past 52 weeks, the share price has ranged between $104.87 and $65.16.