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CEO MAYHEW ELECTS EARLY RETIREMENT; YOUNGER TO RETURN AS INTERIM CEO

 CHERRYVILLE, N.C., Jan. 8 /PRNewswire/ -- The Board of Directors of Carolina Freight Corporation (NYSE: CAO) announced today that Kenneth E. Mayhew, Jr., 58, has elected early retirement from service with the Company and its subsidiaries effective Jan. 31, 1993. He held the positions of Chairman of the Board and President and Chief Executive Officer.
 K. G. Younger, 67, who retired as President and Chief Executive Officer of the Company on Aug. 10. 1989, will return and serve as Chairman of the Board and Chief Executive Officer. The Board also announced that Palmer E. Huffstetler, 55, who previously held the position of Executive Vice President and General Counsel, has been elected President. John B. Yorke, 38, formerly Secretary and Assistant General Counsel was elected Vice President, Secretary and General Counsel.
 "Ken Mayhew has given 27 years of outstanding service to the Company," Younger stated, "and we wish him the very best as he retires. There are forces in the economy and in our industry which have made it difficult to achieve positive results during the last several years. We will be addressing our energies to meet the challenge of those forces in a spirited and vigorous manner."
 Mayhew said, "My many years of service to Carolina and my 25 years on the Board of Directors have been challenging, enjoyable ones. I have elected early retirement because it fits perfectly into my personal plans at this stage of my life. Carolina has excellent personnel in its management ranks, and I am confident that Carolina will build on its proud sixty-year heritage and be successful for many years to come."
 Younger stated that he expected to act as Chief Executive Officer on an interim basis until proper consideration is given to filling the position on a permanent basis. "I have enjoyed my retirement, but the Company has a need for my services and I respond willingly," Younger stated. "I expect the Board to name a successor Chief Executive Officer within a year at the most."
 Mayhew held several offices during his tenure with the Company which began in 1966 when he became Assistant Controller. He became Treasurer in 1969, Vice President and Treasurer in 1971, Executive Vice President and Treasurer in 1972, and assumed the position of President and Chief Executive Officer in 1989.
 Younger joined the Company as President in 1976 and became Chief Executive Officer in 1985 when John L. "Buck" Fraley retired from the Company. Huffstetler joined the Company in 1964, and has served the Company as Executive Vice President and General Counsel since 1985. He has served on the Company's Board of Directors since 1971. Yorke began his employment with the Company in 1987 as Assistant General Counsel and was elected Secretary in 1990.
 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- 1/8/93
 /CONTACT: Palmer E. Huffstetler of Carolina Freight Corporation, 704-435-6811/
 (CAO)


CO: Carolina Freight Corporation ST: North Carolina IN: TRN SU: PER

SB-CM -- CH004 -- 3006 01/08/93 11:49 EST
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Publication:PR Newswire
Date:Jan 8, 1993
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