8-K/ALeadership Changes

OLD DOMINION FREIGHT LINE, INC. 8-K/A Report, Executive Changes (Oct 27, 2015)

Filed October 27, 2015For Securities:ODFL

Summary

This filing is an amendment to a previous report concerning the appointment of Adam N. Satterfield as Chief Financial Officer (CFO) of Old Dominion Freight Line, Inc. (ODFL). The amendment clarifies that Mr. Satterfield, who was previously appointed CFO effective upon J. Wes Frye's retirement on December 31, 2015, will also assume the roles of Senior Vice President – Finance and Assistant Secretary, effective January 1, 2016. This expanded role signifies a significant increase in responsibility for Mr. Satterfield within the company's financial leadership. For investors, this announcement confirms the company's succession plan for its top financial position and provides details on the compensation associated with Mr. Satterfield's new, more comprehensive role. The increase in his responsibilities suggests a continued focus on robust financial management and strategic oversight within ODFL. Investors should note the effective dates for these appointments and the initial salary details provided, which are subject to periodic review.

Key Highlights

  • 1Adam N. Satterfield's role as Chief Financial Officer (CFO) is confirmed, effective January 1, 2016 (following J. Wes Frye's retirement on December 31, 2015).
  • 2Mr. Satterfield will assume additional executive roles: Senior Vice President – Finance and Assistant Secretary, effective January 1, 2016.
  • 3His annual base salary will be $228,989, starting January 1, 2016, subject to review.
  • 4Mr. Satterfield's participation factor in the Company's Performance Incentive Plan is set at 0.20%.
  • 5He will continue to receive other standard executive officer benefits.
  • 6This filing serves as an amendment, clarifying and expanding on details previously reported in a May 21, 2015 filing regarding Mr. Satterfield's initial CFO appointment.

Frequently Asked Questions

Adam N. Satterfield has been appointed as the Chief Financial Officer (CFO) of Old Dominion Freight Line, Inc. (ODFL). This appointment is effective upon the retirement of the current CFO, J. Wes Frye, on December 31, 2015.

Yes, effective January 1, 2016, in addition to his CFO duties, Mr. Satterfield will also serve as Senior Vice President – Finance and Assistant Secretary.

Effective January 1, 2016, Mr. Satterfield's annual base salary will be $228,989. This salary is subject to periodic review and adjustment. He will also participate in the Company's Performance Incentive Plan with a participation factor of 0.20% and will receive other standard executive benefits.

This filing (Amendment No. 1 on Form 8-K/A) is an amendment to a previous report filed on May 21, 2015. It clarifies and expands upon the initial report which announced Mr. Satterfield's appointment as CFO.