New ArcBest Board Member Added

Rhea-AI Summary

ArcBest (Nasdaq: ARCB) has appointed Salvatore A. Abbate to its Board of Directors, effective January 30, 2023. Abbate, the CEO of Veritiv Corporation (NYSE: VRTV) since October 2020, fills the vacancy left by Steve Gorman's departure in August 2022, restoring the board to nine members. Known for his B2B expertise and emphasis on sustainability, Abbate will contribute strategically to ArcBest's long-term growth. He joins the Compensation Committee and the Nominating/Corporate Governance Committee. Abbate is set for re-election at the 2023 annual shareholders’ meeting.

Positive

• Sal Abbate's appointment is expected to enhance board competencies with his B2B experience and focus on sustainability.
• Abbate's strategic skill set aligns well with ArcBest's goals for long-term growth and profitability.

Negative

• Concerns may arise regarding board continuity following the departure of Steve Gorman and the recent board change.

FORT SMITH, Ark., Feb. 2, 2023 /PRNewswire/ -- ArcBest^® (Nasdaq: ARCB), a leading logistics company with creative problem solvers who deliver innovative solutions, today announced that a new member has been added to the ArcBest Board of Directors.

The new director is Salvatore A. Abbate, whose term began January 30. The appointment of Abbate to the board fills the vacancy from Steve Gorman's departure in August 2022, returning the total ArcBest board membership to 9.

Abbate, 54, is chief executive officer of Veritiv Corporation (NYSE: VRTV), a position he has held since October 2020. Before becoming its CEO, Abbate served in various senior leadership roles since joining Veritiv in April 2018, including chief operating officer and chief commercial officer. Based in Atlanta, GA, Veritiv is a Fortune 500^® company and a leading North American business-to-business distribution solutions company.

"With his deep B2B experience and keen focus on sustainability, customer experience, innovation and people, Sal brings to the board a comprehensive, strategic skill set," said Judy McReynolds, ArcBest chairman, president and CEO. "His skills will be a great resource for ArcBest as we continue to focus on our strategy for long-term growth and sustained profitability in our rapidly evolving industry."

Abbate was appointed to the Compensation Committee and the Nominating/Corporate Governance Committee effective January 30. Shareholders elect ArcBest directors annually. Abbate will be up for election to a new term at the company's 2023 annual meeting.

ABOUT ARCBEST

ArcBest^® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with over 15,000 employees across more than 250 campuses and service centers, the company is a logistics powerhouse, fueled by the simple notion of finding a way to get the job done. Through innovative thinking, agility and trust, ArcBest leverages their full suite of shipping and logistics solutions to meet customers' critical needs, each and every day. For more information, visit arcb.com.

Media Contact: Autumnn Mahar
Title: Senior Manager, PR and Social
Phone: 479-494-8221
Email: amahar@arcb.com

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SOURCE ArcBest

FAQ

Who is the new board member appointed to ArcBest?

Salvatore A. Abbate is the newly appointed board member of ArcBest.

What position does Salvatore Abbate hold at Veritiv Corporation?

Salvatore Abbate is the CEO of Veritiv Corporation.

When did Salvatore Abbate join ArcBest's Board of Directors?

Salvatore Abbate joined ArcBest's Board of Directors on January 30, 2023.

What committees will Salvatore Abbate serve on at ArcBest?

Salvatore Abbate will serve on the Compensation Committee and the Nominating/Corporate Governance Committee.

When will Salvatore Abbate be up for re-election?

Salvatore Abbate will be up for re-election at ArcBest's 2023 annual meeting.