| On May 17, 2013, Frozen Food Express Industries, Inc. (the "Company") announced that John McManama has left his position as Senior Vice President and Chief Financial Officer. On May 17, 2013, the Company appointed Steve Stedman, 57, as Vice President and Interim Chief Financial Officer and Treasurer, effective immediately. In this role, Mr. Stedman will serve as the Company's principal financial officer and principal accounting officer on an interim basis. From May 2010 to the present, Mr. Stedman was Vice President and Controller of FFE Transportation Services, Inc., a principal subsidiary of the Company. From November 2009 to May 2010, he was Vice President, Finance of FFE Transportation Services, Inc. and joined the Company in early 2009 as Director of Financial Planning and Analysis. From 2007 to 2008, Mr. Stedman was with Con-Way Transportation Services, then a $4.7 billion freight transportation and logistics services company, serving as its Director of Finance from July 2007. Mr. Stedman has 16 years of senior level financial experience in the transportation industry, preceded by 15 years at senior level positions in the retail and distribution industries. Mr. Stedman is a certified public accountant. Mr. Stedman's annual base salary will continue at $162,765, which is subject to annual increases as set from time to time by the Compensation Committee of the Company's Board of Directors. Mr. Stedman receives a car allowance of $6,000 per year and is eligible for a holiday bonus equivalent to one week of the base salary. Mr. Stedman participates in the Company's broad-based programs including health, disability and life insurance programs, the Frozen Food Express Industries, Inc. 401(k) Savings Plan, the Frozen Food Express Industries, Inc. 2005 Stock Incentive Plan and the FFE Transportation Services, Inc. 401(k) Wrap Plan. He also participates in the Key Employee Supplemental Medical Plan. |
