CAROLINA FREIGHT CORPORATION ISSUES STATEMENT CLARIFYING RETIREMENT OF KENNETH E. MAYHEW, JR.
CHERRYVILLE, N.C., Jan. 12 /PRNewswire/ -- K.G. Younger, Chairman of the Board and Chief Executive Officer of Carolina Freight Corporation (NYSE: CAO), issued the following statement in connection with the early retirement of Kenneth E. Mayhew, Jr. that becomes effective Jan. 31, 1993: "Certain newspaper accounts regarding Mr. Mayhew's retirement have been brought to my attention which require clarification. One such account quoted a company spokesperson as saying that Mr. Mayhew had accepted the Company's early retirement offer made last fall to 181 salaried, administrative and clerical employees. Actually, the offer was made to 172 such employees under a Retirement Incentive Program which had closed in accordance with its terms several weeks ago. The Board of Directors agreed to provide Mr. Mayhew with the substantial equivalent of the benefits of the Retirement Incentive Program by contract in connection with his retirement. We are very pleased that he and the Board reached an amicable and mutual agreement with regard to the terms of his retirement." Carolina Freight Corporation is a holding company for wholly-owned subsidiaries of Carolina Freight Carriers, Red Arrow Freight Lines, G.I. Trucking Company, Cardinal Freight Carriers, Innovative Logistics Incorporated and Carolina Freight Canada, Ltd. The company provides freight transportation services coast to coast and to most foreign markets. Corporate revenue for the 52 weeks ending Sept. 5, 1992, was $788,520,647. -0- 1/12/93 /CONTACT: Palmer E. Huffstetler, Carolina Freight Corporation, 704-435-6811/ (CAO)
CO: Carolina Freight Corporation ST: North Carolina IN: TRN SU: PER
MM -- CH004 -- 4076 01/12/93 13:12 EST
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|Date:||Jan 12, 1993|
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