8-KLeadership Changes

OLD DOMINION FREIGHT LINE, INC. 8-K Report, Executive Changes (May 21, 2015)

Filed May 21, 2015For Securities:ODFL

Summary

Old Dominion Freight Line, Inc. (ODFL) filed an 8-K on May 21, 2015, reporting significant executive leadership changes. The most impactful news for investors is the impending retirement of CFO J. Wes Frye, effective December 31, 2015. This transition is accompanied by the promotion of Adam N. Satterfield, currently Vice President – Treasurer, to the CFO role upon Mr. Frye's departure. Mr. Satterfield's compensation details for this new position are pending and will be disclosed in an amendment. Additionally, the company has appointed Greg C. Gantt, previously Executive Vice President and COO, as President and Chief Operating Officer, effective immediately. This promotion includes a salary increase and a higher participation factor in the Performance Incentive Plan. These executive changes signal a planned succession and a reshuffling of senior management roles to ensure continuity and drive future operations.

Key Highlights

  • 1CFO J. Wes Frye to retire effective December 31, 2015.
  • 2Adam N. Satterfield appointed Chief Financial Officer, effective upon Mr. Frye's retirement.
  • 3Mr. Satterfield's compensation as CFO is yet to be determined and will be disclosed via amendment.
  • 4Greg C. Gantt appointed President and Chief Operating Officer, effective immediately.
  • 5Mr. Gantt's annual base salary increased to $525,000 in his new role.
  • 6David S. Congdon steps down as President but remains CEO and appointed Vice Chairman of the Board.

Frequently Asked Questions

This 8-K filing is primarily to report a planned retirement of the Chief Financial Officer, J. Wes Frye, and to announce executive appointments and role changes within the senior leadership team, including the appointment of a new CFO and a new President.

Adam N. Satterfield, currently the Vice President – Treasurer, has been appointed to succeed Mr. Frye as Chief Financial Officer. His appointment will be effective upon Mr. Frye's retirement on December 31, 2015.

Greg C. Gantt has been appointed President and Chief Operating Officer, effective immediately. In connection with this promotion, his annual base salary has been increased to $525,000, and his participation factor in the Company’s Performance Incentive Plan has been increased to 0.40%.

Yes, the filing states that the Board has not yet determined Mr. Satterfield's compensation for his role as CFO. An amendment to this Current Report on Form 8-K will be filed within four business days of such determination.