Last week, global trucking and logistics company ArcBest announced that David Cobb will replace Michael Newcity as Chief Financial Officer as Newcity transitions into a newly created role of Chief Innovation Officer. Cobb, who currently serves as the company’s Vice President and Controller, will assume his new position on January 1, 2015 and will report directly to CEO, Judy McReynolds.
Planning for Major Expansion
The news comes just months after the company announced it has purchased land and has initiated plans to build a new corporate headquarters. The project will cost nearly $30 million and will support almost 1,000 jobs in the Fort Smith (state) area in the next seven years.
“Creating a dedicated center for technology and business innovation across all of the ArcBest companies will enable us to continue serving our customers across the supply chain in the way they expect, with The Skill & The Will to tackle their most complex challenges,” said McReynolds. “While Michael Newcity now devotes his sole attention to this area, David Cobb’s experience in finance and accounting at ArcBest and other companies will ensure a seamless transition for investors and other financial stakeholders.”
Cobb, a Certified Public Accountant in Arkansas and Texas, joined the company in 2006 serving as Vice President, Controller and Chief Accounting Officer beginning in 2010. Prior to joining ArcBest, Cobb served as Vice President, Controller for Smith International, and spent almost a decade with PricewaterhouseCoopers in Houston, TX.
Best Financial Reporting in Years
In Q2 of this year, ArcBest reported the company’s best earnings per share in six years, and in Q3 of 2014 recorded a 40 percent increase in income from the same quarter last year. The company’s strong financial status comes less than a year after rolling out its expansion plan to rebrand itself as a major player in the global trucking and logistics space. In a strategic effort to distinguish itself as a non-trucking-specific company, the company changed its name from Arkansas Best Corp in May of this year. ArcBest has rolled out new logos and branding, new stock symbols and a new website reflecting a collaborative effort between IT, Finance and Marketing departments within the company.
ArcBest has positioned itself to have a great year in 2015 with the announcement of new leadership, plans for expansion, and positive financial reporting. They will be looking to grow, innovate and adapt in order to continue to position itself as a leader in the trucking and logistics industry. Leadership moves such as this one create a great selling opportunities as C-Suite execs are often under immense pressure to perform in their first three months of tenure. Do you think that your product or service has a place in ArcBest’s transformation? Now is the time to get in touch.
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