8-KLeadership Changes

OLD DOMINION FREIGHT LINE, INC. 8-K Report, Executive Changes (May 18, 2023)

Filed May 18, 2023For Securities:ODFL

Summary

Old Dominion Freight Line, Inc. (ODFL) announced a key leadership transition within its finance department via an 8-K filing on May 18, 2023. Effective July 1, 2023, Adam N. Satterfield, currently serving as Senior Vice President – Finance, Chief Financial Officer and Assistant Secretary, will assume the role of Executive Vice President – Finance, Chief Financial Officer and Assistant Secretary. This promotion reflects a recognition of Mr. Satterfield's contributions and signals continued stability in the company's financial leadership.

Key Highlights

  • 1Adam N. Satterfield promoted to Executive Vice President – Finance, Chief Financial Officer and Assistant Secretary, effective July 1, 2023.
  • 2Current role held by Mr. Satterfield was Senior Vice President – Finance, Chief Financial Officer and Assistant Secretary.
  • 3Compensation Committee approved an increase in Mr. Satterfield's base salary to $628,074.
  • 4Mr. Satterfield's participation factor in the Company’s Performance Incentive Plan increased to 0.30%.
  • 5The promotion was recommended by the Governance and Nomination Committee and approved by the Board of Directors.
  • 6This change indicates continuity and potential for expanded responsibilities for Mr. Satterfield within ODFL's financial operations.

Frequently Asked Questions

Adam N. Satterfield's promotion from Senior Vice President to Executive Vice President signifies a move into a more senior executive role, typically indicating increased responsibility and a higher level of strategic input within the company's financial operations.

Effective July 1, 2023, Mr. Satterfield's base salary will increase to $628,074, and his participation factor in the Performance Incentive Plan will rise to 0.30%. These adjustments reflect his expanded role and incentivize future performance.

While this filing specifically addresses Mr. Satterfield's role, such promotions often reflect confidence in existing leadership and a strategy of internal growth. It suggests continuity in financial strategy and execution for Old Dominion Freight Line.