ArcBest's Young steps aside at 75

Robert Young III had a full-time role with ArcBest Corp. for 52 years, including 45 on the company's board of directors.

So Young said Tuesday, a few minutes after stepping aside as chairman, his retirement would take some time to sink in.

"I think it will take a week or two for me to figure out I'm not supposed to be here," Young said.

Young, 75, wrapped up his long career with the company his father purchased in 1951 during ArcBest's annual shareholders meeting in Fort Smith. He began full-time work for the company in 1964 and, after Robert Young Jr.'s death in 1973, played an important role in helping it grow into one of the country's largest transportation and logistics providers.

He held numerous positions throughout his career, including supervisor of terminal operations and president of the company's information-technology division. Young was the company's chief executive officer from 1988-2006 and spent 11 years as chairman before stepping aside after reaching the company's mandatory board member retirement age of 75.

Young knew the moment was coming after asking for the policy to be added to the company's bylaws more than a decade ago. At the time, he never considered the age limit would apply to him, but had no issue adhering to the policy now. He believes the timing is right for a change.

"I don't want to ever be in a position to hold this company back just because I got here first," Young said. "This company is built on the cooperation of an awful lot of people doing an awfully good job."

Judy McReynolds, ArcBest's chief executive officer, was elected chairman and will hold both roles with the company. In addition, United Natural Foods Inc.'s chief executive, Steven Spinner, will serve as lead independent director. They were among 10 board members who were approved for one-year terms during Tuesday's shareholders meeting.

McReynolds thanked Young for his contributions, saying his longevity with the company is "very rare" in business. She said his contributions were invaluable as ArcBest -- which has grown to $2.7 billion in revenue and more than 13,500 employees -- "transitions to the future."

"Everybody that has worked for the company agrees you laid a great foundation," McReynolds said.

Shannon Newton, president of the Arkansas Trucking Association, said Young's efforts throughout his career also helped shape the industry in Arkansas.

Newton said it was evident Young was the well-respected and revered patriarch of the association's board of directors when she joined in 2003. He may have been slow to speak, but weighed in with "intelligence, discernment and quick wit."

"He served in leadership and was very influential in developing policy and promoting the industry's agenda," Newton said in an email. "Mr. Young always held the entire industry's interests above his own. He believed what 'was good for the goose was good for the gander.'

"That mindset shaped our organization during a pivotal time and continues today."

Young admitted he'll miss his work with the company, but remains confident ArcBest is in good hands with McReynolds and the board of directors. The company continues to expand beyond its less-than-truckload business with its nontrucking segments representing about 30 percent of revenue.

He'll no longer have a role with the company, but remains one of its largest stockholders with more than 1.2 million shares, according to ArcBest's proxy statement. So Young will "sit on the sideline and cheer" for McReynolds and her team as they continue to steer a company that has grown beyond even his own expectations.

"When dad passed away in 1973 we did about $60 million in revenue. We'll do close to $3 billion this year," Young said. "I wish I could bring my father back for about 15 minutes and get an 'attaboy' from him. It means a lot if your dad gives you an 'attaboy.' ... He wanted to grow this company. He had a vision. We continued his vision after he passed on and it's been a good ride. I've enjoyed it."

Business on 04/27/2016

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