ArcBest announces leadership changes
by July 18, 2024 10:27 am 742 views
ArcBest President, CEO, and Board Chair Judy McReynolds will step down as president beginning Aug. 1, with ABF Freight President Seth Runser becoming ArcBest president. McReynolds has been president and CEO since 2010, and was elected board chair in 2016.
Matt Godfrey, vice president of engineering at ABF, will succeed Runser as ABF president on Aug. 1. ArcBest is the parent company of ABF Freight, one of the nation’s largest less-than-truckload carriers. Founded in 1923, ArcBest has around 15,000 employees at 250 locations.
The Fort Smith-based shipping and logistics company on Thursday (July 18) announced the leadership changes, noting that McReynolds will focus on “the company’s long -term strategy, including a drive toward innovative solutions.”
McReynolds, 62, also is on the boards at Oklahoma City-based OGE Energy Corp., and Fort Smith-based First Bank Corp. She is a member of the Wall Street Journal CEO Council and the American Trucking Associations (ATA) board and executive committee.
Runser, 39, has been president of ABF Freight since 2021, and joined ArcBest more than 17 years ago as a management trainee, gaining experience in roles of increasing responsibility across operations, linehaul and executive management, according to the company.
“Seth has made tremendous contributions to ArcBest’s success over his time with our company, including as president of ABF,” McReynolds said in a statement. “Under his leadership, ABF has consistently delivered record results and has made great strides in enhancing profitability and operational efficiency. His deep knowledge of the business, innovative spirit and commitment to advancing ArcBest’s mission and strategy make him the right person to succeed me as president.”
Godfrey, 42, has been with ABF for 20 years starting as a management trainee and serving in several roles of increasing responsibility. He was promoted to vice president of engineering in 2021.
The company is set to announce second quarter financials on Aug. 2. The consensus estimate is for the company to post per share earnings of $2.08, and revenue of $1.06 billion. ArcBest posted a first-quarter net income loss of $2.312 million on April 30, compared with a net income of $71.283 million in the same period of 2023. Revenue in the quarter was $1.036 billion, down 6.3% from the $1.106 billion in the same quarter of 2023.
ArcBest had a net income of $195.433 million in 2023, down 34.4% compared with $298.209 million in 2022. Revenue in 2023 totaled $4.427 billion, down 12% compared with $5.029 billion in 2022.
ArcBest shares (NASDAQ: ARCB) closed Wednesday at $121.11. During the past 52 weeks the share price has ranged between $153.60 and $86.93.