VAN BUREN, Ark., March 29, 2011 /PRNewswire/ -- USA Truck, Inc. (Nasdaq: USAK) announced today Mr. Robert M. Powell will retire from his position as Chairman of the Board and as a member of the Board of Directors effective May 4, 2011, the day of the Annual Meeting of Stockholders.
Mr. Powell has served as Chairman of the Board since 2000, was CEO between 1988 and 2007, and has been a director of the Company since 1983. He is one of the original participants in the group that acquired the Company from Arkansas Best Corporation in December 1988. Prior to that, Mr. Powell had been employed for twenty-eight years by ABF Freight System, Inc., a national trucking company and a subsidiary of Arkansas Best Corporation.
Cliff Beckham, USA Truck's President and CEO, stated: " Bob Powell is a true visionary and recognized leader in the transportation industry. He has been a valuable contributor to our Company since it was founded and has been a continuous source of sound advice. Bob's commitment and dedication to this Company during his tenure established USA Truck as one of the industry's leaders, growing it from just a few tractors at its founding to one of the 20 largest dry van truckload carriers in North America. USA Truck will be forever grateful to Bob for his contributions and we wish him well in his much-deserved retirement."The Company's Board of Directors unanimously elected Mr. Terry A. Elliott to succeed Mr. Powell as Chairman of the Board. Mr. Elliott has served as a director of the Company since 2003 and currently serves as the Chairman of the Audit Committee. He served as Chief Financial Officer of Safe Foods Corporation, a food safety company in North Little Rock, Arkansas, from July 2000 to August 2009 and served as a director of Safe Foods from 2000 to 2003. Mr. Elliott also was a director of Superior Financial Corporation (the holding company for Superior Federal Bank, F.S.B.) and a member of its Audit Committee from February 2003 until Superior was sold to Arvest Holdings, Inc. in August 2003. From 1996 to 2000, Mr. Elliott served as the Chief Financial Officer for two unrelated private start-up businesses. Mr. Elliott was with Ernst & Young from 1968 until 1994 when he retired as Managing Partner of the Little Rock Office. During his career, he has had significant experience in the areas of accounting, auditing, public company reporting, administration, and corporate development. He is an inactive Certified Public Accountant. Mr. Elliott has also been active in a number of community and civic organizations. The Board of Directors believes Mr. Elliott's qualifications to serve as Chairman of the Board include his extensive financial experience and his past service on other companies' Boards of Directors. The Company's Board of Directors will now begin discussion regarding the vacancy on the Board created by Mr. Powell's retirement.