An opinion from the Arkansas Attorney General will not change action already taken by the Sebastian County Election Commission, but its chairman said the commission would likely take a new vote to ensure it follows the letter of the law after closing and in some cases consolidating polling sites for the 2014 election.

At issue was whether or not the vote had to be unanimous and Attorney General Dustin McDaniel's opinion to Sebastian County Prosecuting Attorney Dan Shue was yes, each member of the three person commission should have voted in favor of the action.

"Generally speaking, election laws are mandatory if enforcement is sought before an election but merely directory — and failure to observe them is not cause to invalidate the election — if enforcement is sought after the election," McDaniel wrote.

Even though McDaniel did not invalidate the election, Sebastian County Election Commission Chairman Lee Webb said he would likely hold another vote on the closure of the polling locations in question, some of which were duplicates within the same precinct.

"What does that mean? I don't know, but I think what we're going to do is try to get (David) Damron to vote for it. Get it unanimous and just be done with it," he said.

Asked whether the high turnover in the election coordinator's office could have played a role in the commission not having a full understanding of the law, Webb noted that the vote was taken in late 2013 prior to former Election Coordinator Jerry Huff's retirement from the county.

"I don't think so. Jerry read the law the same way we did," he noted.

Zilkha Biomass Energy, a producer of biomass solutions to electric utility customers, today announced Wednesday (July 30) its plan to build a $90 million pellet production plant in Monticello, Ark., that will employ 52.

Houston-based Zilkha Biomass Energy LLC provides biomass products to electric utility customers, including conversions of fossil fuel stations, and the supply of a baseload, renewable fuel in the form of the Zilkha Black Pellet. The company says the black pellet is the first advanced pellet in the industry that is commercially available.
zilkha.com/
 
“Power companies across the globe are looking for renewable energy alternatives and biomass wood pellets stand as one of the most practical and cost-effective solutions,” Jack Holmes, CEO of Zilkha Biomass Energy, said in a statement released by the Arkansas Economic Development Commission. “This plant in Monticello will be one of Zilkha’s largest and will help us capture more of the growing biomass energy market. Our Black Pellets have a set of beneficial qualities, such as water-resistance, that make it a more attractive option than traditional wood pellets.”

Made from a variety of feedstock, such as mill residuals and other low-grade wood, wood pellets are used in the energy industry as an alternative fuel source. Zilkha Black Pellets may be used with coal-fired plants to create cleaner emissions, allowing plants to more easily comply with clean air regulations, and energy companies to build fewer new power plants. The pellets are water resistant, which allows them to be transported and stored outside like coal.
 
“Wood pellets are gaining popularity in the U.S. as we look for sustainable fuel sources that are cleaner and cheaper to burn,” Gov. Mike Beebe said in the statement. “South Arkansas has the renewable forests that this kind of enterprise requires to succeed.  We are excited that Zilkha has chosen Monticello for their innovative work in the energy sector.”
 
Woody biomass is abundant and is considered to be one of the best available sources of biomass on Earth. Forests cover more than 18.8 million acres in Arkansas – more than half of the state – making the state an ideal location for biomass production.

The Fort Smith Regional Art Museum has received the 2014 American Institute of Architects (AIA) Gulf States Region Merit Award at the Gulf States Regional Reception and Honor Awards during the 2014 AIA National Convention in Chicago.

The AIA Gulf States Region Honor Awards Program awards high quality architecture in the region and the design achievements of the architects. The AIA has been the leading professional membership association for licensed architects, emerging professionals, and allied partners since 1857. This Honors program identifies works of distinction designed by AIA members in the states of Alabama, Arkansas, Louisiana, Mississippi and Tennessee. These awards also bring greater public recognition to our Gulf States Region's outstanding architects and their remarkable projects.

Arkansas received five of the 10 Gulf States Honor Awards. Each project considered for the awards was judged according to its own merit, how well it solved the problem addressed, and sustainability.

Other 2014 winners included Eco Modern Flats in Fayetteville, the Northwest Arkansas Free Health Center, and the Fayetteville Montessori Elementary School. The 2013 AIA Gulf States Honor Award recipients included projects such as the Rosa F. Keller Library & Community Center in New Orleans; Oak Ridge House in Jackson, Mississippi; and Village de Jardin in New Orleans.

Earlier this year RAM won the prestigious 2013 Preservation through Rehabilitation Award from the Historic Preservation Alliance of Arkansas, as well as the American Society of Interior Designers (ASID) Gold Award. The architects of the newly renovated museum, Polk, Stanley Wilcox, are known for their work such as the William J. Clinton Presidential Library, Heifer International World Headquarters, and the Arkansas Studies Institute (ASI) of Little Rock.

Big box retailer Target chose Brian Cornell as its newest chairman and CEO after a long search following the company’s security breach and lackluster results from the previous year.

Cornell, 55, comes to Target from Pepsico, where he served as CEO of Pepsico Americas Foods division since March 2012. Between 2009 and 2012, Cornell was the CEO of Sam’s Club and an executive vice president at Wal-Mart Stores.

“I am honored and humbled to join Target as the first CEO hired from outside the company. I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand,” said Cornell. “As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation.”

Cornell is replacing John Mulligan, who had been acting as interim chief executive since May. Mulligan had stepped into the temporary post after former CEO Gregg Steinhafel resigned following a large data breach during holiday shopping season in 2013.

He will earn a base annual salary of $1.3 million and be eligible for a pro-rated annual cash incentive based on company profitability. The anticipated payout for this benefit is $3.75 million for 2014.

The board has also agreed to grant stock-based awards worth an estimated $9 million to Cornell for fiscal 2015, according to the release filed with Securities and Exchange Commission on Thursday (July 31).

Cornell will take the helm at Target on Aug. 12. The board also agreed to pay Cornell $19.3 million in equity grants and a $1.35 million bonus to make up for what the exec would have received at PepsiCo.

“As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation,” said Roxanne S. Austin, interim non-executive chair of the board. “The board is confident that Brian’s diverse and broad experience in retail and consumer products as well as his passion for leading high performing teams will propel Target forward.”

Retail analysts are mixed on whether or not Target did a solid job with the hiring. Analysts with Hedgeye warn that the “Cornell has adequate retail chops but might lack the digital background to create Target 2.0.”

Janney Financial analyst David Strasser applauds the move.


“Although Cornell was not at Wal-Mart for a long time, during that period, we did get to know him, and were impressed with where he was taking the division at the time. Our understanding at that time is that he left to return to the Northeast. At the time, we believed it was a loss to Wal-Mart. During that period of time, Sam’s club showed improvement. Comps for the three years he ran the division accelerated from the low- to mid-single digits, and he was generally thought to be a solid overseer of the business. While at Sam’s Club, Cornell also introduced the eValue digital couponing program and an enhanced partnership with suppliers to offer value to members…We believe bringing an outsider into the company with product and retail experience provides the right mix and background for Target,” Strasser notes.

Cowen & Co. wasted no time in upgrading Target to “market perform” from “underperform” because of their confidence in Cornell’s leadership.

Cowen’s Faye Landes notes that “Target is unlikely to underperform during the first phase of Cornell’s tenure.”

He also notes that Wall Street investors have not yet been convinced because Cornell has no real turnaround experience to speak of and his expertise in apparel, home and digital are lacking. These are the three main areas which Target has said in the first quarter that it will focus intensely.

Target shares were trading down 2% in the morning session at $60.17 on the coattails of the a sell off across the broader markets as the Dow Jones Industrials were down 1.18% and the diverse Nasdaq index was down 1.86% on the day.

Bank of the Ozarks and Intervest Bancshares Corp. plan to merge in a deal worth $228.5 million.

Intervest, the parent company of Intervest National Bank, operates seven offices — six in West Central Florida and one in New York City. At June 30, 2014, Intervest had approximately $1.6 billion of total assets, $1.2 billion of loans and $1.3 billion of deposits.

“We are pleased to announce the acquisition of Intervest, our twelfth acquisition in recent years and our largest to date,” said George Gleason, chairman and CEO of Bank of the Ozarks. “Intervest’s six offices and quarter century heritage in the Pinellas County, Florida market are a great complement to our four offices in nearby Manatee County. Intervest’s New York and Florida lending teams have a long track record of serving commercial real estate borrowers and product types not currently offered by Bank of the Ozarks. We expect the Intervest lending team to operate as a separate Stabilized Properties Group within Bank of the Ozarks, providing us yet another growth engine for earning assets.”

The all-stock transaction is expected to close in the fourth quarter of 2014 or the first quarter of 2015.

“I am proud of the organization our team has built over the last 21 years since my father and I started Intervest. We believe this transaction offers additional benefits to our customers and the communities we serve, value for our shareholders and opportunities for our employees. We are pleased to partner with Bank of the Ozarks, one of the best and most respected banks in the United States,” said Lowell Dansker, chairman and CEO of Intervest.

The board of directors for Tyson Foods announced Thursday (July 31) plans to pay a cash dividend of 7.5 cents per share to its Class A investors and 6.75 cents per share to Class B shareholders — the estate of Don Tyson and other family members.

The cash dividend is payable on Dec. 15 to shareholders of record as of Dec. 1. Shares of Tyson Foods closed Thursday at $37.21, down 2.59% amid a broad market sell off with the Nasdaq Index losing 2% on the day.

Wednesday (July 30) Tyson announced the pricing of its concurrent public equity offerings at $37.80 per share on 23.8 million Class A shares and 30 million of its 4.75% tangible equity units with a stated face value of $50 per unit. Each offering is expected to close on Aug. 5, subject to customary closing conditions.

Tyson expects the net proceeds from the Class A common stock offering to be approximately $873 million. Proceeds could reach $1.004 billion if the underwriters for the Class A common stock offering exercise their over-allotment option in full. The net proceed from the tangible equity units are expected to total $1.454 billion. These estimates are net underwriting discounts, commissions and estimated expenses, the company notes.


Tyson said it will use the proceeds with additional debt financing and cash on hand to finance the $8.55 billion acquisition of Hillshire Brands and pay any related fee and expenses to the merger.


If for any reason the Hillshire Brands deal is not consummated, then the company said it intends to use the net proceeds from these offerings for general corporate purposes.

The chief scientist for the U.S. Government Accountability Office (GAO) Dr. Timothy Persons met with NanoMech in Springdale on Friday (Aug. 1) and also toured the company’s Fayetteville laboratory on the University of Arkansas campus.


Persons, at the request of the U.S. House of Representatives Committee on Science, Space, and Technology, led a forum on nanomanufacturing examining the scope and future of manufacturing, investments, industry competitiveness and safety issues related to the nanomanufacturing sector.


“The important innovation NanoMech is accomplishing in nano-engineered and manufactured coatings and lubricants is truly breakthrough and exemplifies American values for pushing technology progress for the benefit of mankind,” said Dr. Persons. “NanoMech is a shining example of the U.S. ecosystem fostering public-private partnerships, University tech transfer and commercialization, and the determination to succeed on an increasingly competitive global stage.”

Deborah Wince-Smith, CEO of the Council on Competitiveness and also a member of NanoMech’s Board of Directors, applauded NanoMech for their innovative work.

“In a world of turbulence, transition and transformation, nothing matters more to the competitiveness of companies and countries than innovation and manufacturing prowess,” Wince-Smith noted in the release.

NanoMech CEO Jim Phillips and founder A.J. Malshe noted that the company was honored to host Persons given his stellar reputation in the field of science and his dedication to increasing American competitiveness through public-private partnerships.

Procter & Gamble plans to sell more than half of its brands to streamline the company operations and boost sales growth, CEO A.G. Lafley announced during the company's earnings presentation Monday (Aug. 4) for its fiscal fourth quarter and full year ended June 30.

P&G will focus on 70 to 80 consumer brands, including Tide and Pampers, which together account for some 90% of the company's sales and either divest or find ways to exit between 90 to 100 smaller brands, the company notes.

"We are going to create a faster growing, more profitable company that's far simpler to operate," Lafley said. "We delivered our business and financial commitments in 2013-14, but we could have and should have done better," he said regarding the company’s $83 billion in annual sales with net income of $11.6 billion.

Net sales slid 1% in the fourth quarter but were up 1% for the full year. Net income rose 3% from the prior year.

Lafley said that is culling of the brands herd will allow the company to become more focused on about 75 of its top performing brands where it plans to increase market share rather just holding on.

The brands being culled have seen sales declining 3% and profits declining 16%, Lafley said, and have margins less than half the company average.

"The timing on this will be governed by our ability to create value," said chief financial officer Jon Moeller, though he estimated it would take 12 to 24 months to complete the process.

It is unclear if these brand divestitures will have any material impact on local employment numbers at P&G’s Fayetteville office. The local office averages around 200  employees and is the largest supplier presence with regard to Wal-Mart Stores Inc.

Dr. Jami Forrester, a professor of history at NorthWest Arkansas Community College, recently received the national 2014 History Award for Service. The honor, awarded by the History Channel, was presented as part of the National History Day events held in June at the University of Maryland in College Park.

Forrester was honored for her work as a history educator and as Region 10 National History Day Coordinator for History Day Arkansas.

Since assuming the role of regional coordinator three years ago, Forrester has recruited 14 schools in three counties and secured more than $35,000 to fund Region 10 History Day as well as provide scholarships, cash and other prizes for regional winners. A total of 19 schools and 354 students participated in the 2014 Region 10 History Day competition on March 15 at NorthWest Arkansas Community College.

Forrester was nominated for the state and subsequent national honor by faculty and administrators at Central Junior High School and Lakeside Junior High School in Springdale, Prairie Grove Schools and Fayetteville High School. Dr. Patsy Ramsey of the University of Central Arkansas and State History Day Coordinator also nominated her for the recognition.

Luke Adams, who teaches world history at Fayetteville High School, wrote, “Dr. Forrester does everything that she can do to help my students, and my participation wouldn’t be possible without her selfless contribution of time, energy, and concern. … Her professionalism is unmatched, and she never fails to meet every need of the contestants fairly and quickly.”

A letter signed by nine administrators and history faculty members at Central Junior High noted that Forrester was herself a participant in National History Day competition as a high school student, and she served as a National History Day judge for five years prior to assuming the role of Region 10 coordinator. She worked to increase the number of schools participating in the regional event and also started a new category of competition for fourth- and fifth-graders in 2011.

Students in those grades construct an informational poster on a topic of their choice as it relates to the National History Day theme, and “Dr. Forrester’s hope is that the early introduction to History Day will garner enthusiasm for the program that will continue as they move through school,” the letter writers noted.

Forrester teaches Arkansas and U.S. history and world civilization courses at NWACC. She and her husband, Greg, live in Springdale and have two children, Parker and Wyatt.

She earned a doctorate in history from the University of Arkansas in 2011. Forrester also holds a master’s and bachelor’s degree from Arkansas State University.

Gov. Mike Beebe on Monday (Aug. 4) announced the following appointments to boards and commissions:

Dr. Jamie Brandon, Fayetteville, reappointed to the State Review Committee for Historic Preservation.  Appointment expires June 30, 2018.

Dr. Clifton Braker, West Fork, to the Northwest Technical Institute Board of Directors.  Appointment expires June 30, 2018.  Replaces John Scott.

Ray Byrd, Houston, to the Criminal Detention Facilities Review Committee, Judicial District #6.  Appointment expires January 14, 2018.  Replaces Joe Burnett.

Charles Clark, Louann, to the Petroleum Storage Tanks Advisory Council.  Appointment expires Dec. 31, 2017.  Replaces Bob Blanz.

Kimberly Dale, Paragould, to the Sex Offenders Assessment Committee.  Appointment expires July 1, 2018.  Replaces Ron Kincade.

Angela Echols, Hot Springs Village, to the Governor's Commission on People with Disabilites.  Appointment expires June 1, 2017.  Replaces James Hunt.

Clara Ferron, West Memphis, reappointed to the DHS State Institutional System Board.  Appointment expires June 30, 2021.

Becky Hall, Ed.D, Marvell, reappointed to the Arkansas Board of Health Education.  Appointment expires July 31, 2021.

Susan Heffington, Little Rock, to the Home Health Care Service Agency Advisory Council.  Appointment expires June 30, 2017.  Replaces Marilyn Evans.

Jessica "Dee" Holcomb, Pine Bluff, to the Southeast Arkansas College Board of Trustees.  Appointment expires July 1, 2020.  Replaces Annette Kline.

Carol Hopkins, Evening Shade, to the Auctioneers Licensing Board.  Appointment expires April 15, 2018.  Replaces LuAnne McCammon.

Bobby Kennedy, West Memphis, reappointed to the Mississippi River Parkway Commission.  Appointment expires June 8, 2019.

Dr. Marianne Neighbors, Lowell, reappointed to the Northwest Technical Institute Board of Directors.  Appointment expires July 21, 2019.

Dr. Rogerich Paylor, Little Rock, to the Medical Ionizing Radiation Licensure Committee.  Appointment expires July 14, 2017.  Replaces Dr. Shannon Turner.

James "Murray" Reagor, Little Rock, to the Health Services Permit Commission.  Appointment expires April 9, 2018.  Replaces Nina Alter.

Edward Rhodes, Jr., Jacksonville, to the Tobacco Prevention and Cessation Advisory Committee.  Appointment expires October 1, 2017.  Replaces Lila Niswanger.

Sandra "Sandi" Sanders, Fort Smith, to the Arkansas Arts Advisory Council.  Appointment expires June 30, 2018.  Replaces Lorraine Cravens.

Kyle Sharp, Harrison, to the Governor's Commission on People with Disabilites.  Appointment expires June 1, 2017.  Replaces Davis Green.

Bobby Thurman, Berryville, reappointed to the State Board of Embalmers and Funeral Directors.  Appointment expires June 1, 2017.

Heath Tibbs, Jonesboro, to the Arkansas Towing and Recovery Board.  Appointment expires June 22, 2017.  Replaces Glenna Butler.

Donnie Underwood, Marion, reappointed to the Board of Trustees of the State Police Retirement System.  Appointment expires July 1, 2021.

Parker Westbrook, Little Rock, reappointed to the State Review Committee for Historic Preservation.  Appointment expires June 30, 2018.

The Northwest Arkansas Big Brothers Big Sisters nonprofit is on a mission to raise $92,000 over the next week Bowling for Kids’ Sake — a fundraising campaign for 2014.

Big Brothers Big Sisters works to help broaden children's perspectives and help them learn how to make good choices as they strive to fulfill their potential fostering success in school and in life.

This year’s Bowling for Kids Sake event is well underway, with a few days left for teams and individuals to register, according to Sarah Heimer, executive director of the local Big Brothers Big Sisters chapter.

Heimer said Thursday (Aug. 7) Saturday (Aug. 9) and Sunday (Aug. 10) are still available for teams and individuals wanting to participate in the fundraising effort. Details for registration can be found on the nonprofit’s website.

Big Brothers Big Sisters notes that $50,975 has been raised toward the group’s 2014 event goal of $92,000.

John Brown University announced the formation of the College of Education and Human Services today at a ceremony on the Siloam Springs campus.

The new college brings together JBU’s College of Education with the Graduate Counseling program, and undergraduate programs in psychology, kinesiology and family studies. 

The College of Education and Human Services will also be home to JBU’s new nursing program, which launches with its first pre-nursing class this fall.

“The professions represented in this new college embrace JBU’s mission of training students to serve others,” said Dr. Chip Pollard, JBU president. “To bring these service-centric disciplines into one college is a natural step in the forward momentum of our university.”

The university also announced that Dr. Jeff Terrell has joined JBU as dean of the new college. Dr. Terrell comes to JBU from Richmont Graduate University, where he served as president from  2003 until 2013. He is also past president of the Christian Association of Psychological Studies and section editor of the Journal of Psychology and Christianity.

“We are blessed to have someone with Jeff’s academic and professional experience leading the new College of Education and Human Services,” said Dr. Ed Ericson, vice president for academic affairs. “He is a broadly published expert in the field of psychology, a college administrator with a record of success and, most importantly, committed to the cause of Christ over all.”

Dr. Terrell is a licensed psychologist, and holds a Ph.D. in Counseling Psychology from the University of Southern Mississippi and a Master of Divinity in Biblical Studies from New Orleans Baptist Theological Seminary.

The college is expected to have more than 600 students enrolled in its various programs this fall semester.

Drugstore giant Walgreens announced a change in top management as Wade Miquelon, chief financial officer will exit the company.

He is the second top executive to abandon ship ahead of the retailer’s completion of the Alliance Boots acquisition. Kermit Crawford, Walgreens president of pharmacy, health and wellness, announced last month that he would retire after spending 31 years with the company.

Miquelon, will be replaced by Kraft Foods Group executive Timothy McLevish, who held a similar role at Kraft.

Walgreens said that Miquelon, who joined the retailer in June 2008 from Tyson Foods, played a key role in the Alliance Boots deal. Miquelon will continue to serve as advisor to Walgreens through the completion of the Alliance Boots deal.

"Now that we are preparing to move forward with bringing together these two iconic brands, it's the right time for me to transition to new challenges and new opportunities," Miquelon noted.

Walgreens was expected to announce the completion of its $16 billion acquisition of a 45% stake in Alliance Boots, a European drugstore chain headquartered in Switzerland, but Tuesday (Aug. 5) news began circulating that Walgreens has offered another $8.5 billion for a 100% of Alliance Boots.

The Deerfield, Ill.,-based Walgreens has been publicly weighing the options of relocating its headquarters to Switzerland with a tax inversion could save a projected $4 billion in taxes over the next five years. The company reportedly is now leaning toward keeping its U.S. base, according to a report from CNBC early Tuesday afternoon (Aug. 5).

Shareholder groups want the drugstore change to make the move, but Walgreens has faced recent protests from activists and Democratic lawmakers urging the retailer to remain in the U.S. Shares of Walgreens dipped on the updated news trading down 6.67% at $67.43 in Tuesday's afternoon session.

Fort Smith real estate agents Nick and Ellie Glidewell have joined Fort Smith-based Sagely & Edwards Realtors.

Sagely & Edwards, established in 1955, is owned by Mont Sagely and totaled more than $52 million in sales in 2013.

“Of course we’d always known about Sagely & Edwards,” Ellie Glidewell, 30, said in a statement. “It finally came time where we felt we needed a change, and they’re a very well-respected company, so it wasn’t a hard choice. We expect great things to happen here.”

Ellie and husband, Nick, 35, entered the real estate business in 2009. Ellie entered full-time, with Nick working at it part-time while holding down the position of director of sales/IT for his family’s business, Glidewell Distributing of Fort Smith. Together, the couple has generated more than $14 million in property sales in Fort Smith and outlying areas.

Her sales totals during her first full year in the business earned her the Rookie of the Year award from the Fort Smith Board of Realtors. In 2011, Ellie was the seller’s agent on a $2.5 million home, the most expensive home ever sold in Fort Smith.

Retailer Target said Tuesday (Aug. 5) that it expects to incur gross expenses of $148 million from its data breach. As a result, Target decreased its estimates for the second quarter earnings per share. The retailer said those expenses could be partially offset by $38 million in insurance receivable.

Comparable store sales are projected to be flat while Canadian sales should be lower than initially expected because of higher expenses related to inventory management.
Target shares dropped 4.4% on the lower guidance to close Tuesday at $58.03, down $2.67.

Target will report earnings on Aug. 20. Wall Street consensus is 91 cents a share, down from 97 cents a year ago. Revenue is expected to grow 2% to $17.47 billion.

Tyson Foods Inc. agreed to sell $3.25 billion in senior loans to help cover the $8.55 billion acquisition of Hillshire Brands.

The bond offerings include:
$1 billion at 2.65%
$1.25 billion at 3.95%
$500 million at 4.875%
$500 million at 5.15%

The offerings are expected to close on Aug. 8 subject to customary closing conditions.

Tyson intends to use the proceeds from the offerings, along with cash on hand, Class A common stock and tangible equity units offerings and loans to finance the Hillshire Brands acquisition and to pay related fees and expenses.

After passing once on a chance to buy rival Family Dollar, Bloomberg reports that Dollar General is working with an advisor to evaluate its option about a counter bid to Dollar Tree’s $8.5 billion offer.

Family Dollar last week agreed to be acquired by Dollar Tree after investors pushed for the sale.

Wall Street analysts previously said Dollar General had no interest at this time given the planned retirement of CEO Rick Dreiling. But two people close to the situation told Bloomberg that if Dollar General does make an offer there’s a good chance Dreiling would stay on through 2015 to oversee the merger.

At this time those sources put the chance of a bid at 50%.

Clifton Beckham is stepping down as chief financial officer of Van Buren-based USA Truck effective Sept. 30. The company is in the midst of a search for his replacement.

Beckham was replaced by John Simone as the trucking company’s CEO in early 2013 following four consecutive years of financial losses. In the shift, Beckham returned to the CFO post, a position he held between 2002 and 2007.

“On behalf of the board of directors and the entire Company, I want to thank Cliff for his invaluable contributions over 20 years of service to USA Truck,” USA Truck Chairman Robert Peiser said in a statement. “Since returning to his previous role as chief financial officer in February 2013 after serving as chief executive officer for nearly six years, Cliff continued to demonstrate singular dedication and tireless efforts to implementing the Company’s turnaround plan. All of us admire him for his integrity and selfless commitment to USA Truck, and wish him the best as he begins a new phase of his career.”

In the statement, Beckham said he is leaving the company to pursue new opportunities, but is grateful for his time at USA Truck.

“I feel privileged to have spent so many years at USA Truck and look forward to watching John and his management team continue to strengthen the organization, create a winning environment for employees and deliver value for USA Truck’s shareholders.”

 A Tyson Foods subsidiary, New York-based Zemco Industries, said Thursday (Aug. 7) it was recalling 106,800 pounds of smoked sausage due to misbranding and an undeclared allergen.

The product branded Cavanaugh Smoked Sausage contained soy, a known allergen that was not declared on the product label, a federal requirement.

The problem was discovered during a reformulation of the product and packaging update. Tyson has received no reports of adverse reactions due to consumption of the product.

The recall involved 2.5 pound packages of Cavanaugh Smoked Sausage produced on June 11, June 13, June 19, July 10, July 19 and Aug. 1, 2014.

The affected product has “Use By” dates of Sept. 9, Sept. 11, Sept. 17, Oct. 8, Oct. 17 and Oct. 30, 2014.

The product also bears the establishment number “Est. 5222” on the package and was sent to distribution centers for resale as well as retail establishments throughout the U.S.

Arvest Bank has promoted Stephanie McFarlin to consumer lender at its Springdale Emma Avenue location.

McFarlin started with Arvest Bank in 2010 on the treasury management support team. In 2012 she transferred to mortgage loan assistant at the Arvest Bank in Village on the Creeks branch.

“Stephanie has proven herself as a capable, strong member of the Arvest Bank team,” said Christy Queary, consumer loan manager for Arvest Bank in Springdale. “She has a passion for working with her customers and has developed an ability to advocate their financial needs and goals. We are so happy to have her in Springdale and look forward to watching her grow with us.”

McFarlin is a Springdale native. She earned a bachelor’s degree from John Brown University this year.