News in brief

2 exec posts filled, ArcBest announces

ArcBest Corporation named David R. Cobb as chief financial officer and will move Michael Newcity into the newly created chief innovation officer position effective Jan. 1.

Newcity will also serve as president of ArcBest subsidiary ArcBest Technologies. As part of his role, Newcity will oversee the creation of a dedicated center for technology and business innovation for all of Fort Smith-based ArcBest's companies.

Cobb has served as vice president-controller at ArcBest since 2006 and became the companies' chief accounting officer in 2010. Previously Cobb worked in a similar role for Smith International Inc., an oilfield services company now part of Schlumberger Limited.

Newcity was named senior vice president and chief information officer in addition to his duties as CFO in 2013. He took over as CFO in 2010 and has been with the company since 1993.

ArcBest, which is projected to earn $3 billion in revenue for 2015, is planning to build a new $30 million headquarters, which will include a data center.

-- Chris Bahn

Next chief named of Wal-Mart Mexico

Wal-Mart Mexico and Central America has named Enrique Ostale as president and chief executive officer effective Jan. 1.

Ostale has been serving as president and CEO of Wal-Mart Latin America since March 2013. He will continue to oversee operations in Latin America as well as Walmex, which serves 2 billion customers annually.

"Mexico and Central America is a priority market for Walmart. Enrique has excellent global experience within the retail industry and will drive growth opportunities throughout the region," said David Cheesewright, president and CEO of Wal-Mart International and Wal-Mart Mexico and Central America board member said in a news release.

Ostale has been with Wal-Mart Stores Inc. since 2009. From 2006 until 2013, he served as president and CEO of Wal-Mart Chile.

Wal-Mart also announced Friday that Scott Rank will be leaving the Wal-Mart Mexico and Central America board of directors after 14 years.

Arkansas Index falls 3.32 to close 383.7

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 3.32 to 383.7 Friday.

Acxiom Corp. shares slid almost 5 percent in twice the average trading volume.

Murphy Oil Corp. shares rose 4.2 percent in heavy volume.

USA Truck Inc. shares fell 3.8 percent in more than twice the average trading volume.

Tyson Foods Inc. shares rose 1.3 percent.

For the week, Murphy Oil gained 12.8 percent. PAM Transportation fell 2.3 percent.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

-- Chris Bahn

Business on 12/20/2014

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