Summary
This Form 8-K filing from PACCAR Inc (PCAR) on January 4, 2012, reports a significant change in its Board of Directors. Effective April 23, 2012, Mark A. Schulz will join the Board as a Class I director, filling the vacancy left by the retirement of Stephen F. Page. This appointment is a key governance update for the company. Investors should note that Mr. Schulz's compensation will align with the company's established non-employee director compensation structure. This includes an annual cash retainer, a restricted stock award, and fees for attending board and committee meetings. The filing also confirms that no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K are present for Mr. Schulz. A press release detailing this board action is included as an exhibit.
Key Highlights
- 1PACCAR Inc announced the appointment of Mark A. Schulz to its Board of Directors.
- 2Mr. Schulz's appointment is effective April 23, 2012.
- 3He will fill a vacancy created by the retirement of Stephen F. Page.
- 4Mr. Schulz will serve as a Class I director.
- 5Compensation for Mr. Schulz will follow the company's standard arrangements for non-employee directors.
- 6Standard compensation includes an annual cash retainer of $75,000 and an annual restricted stock award of $100,000 (both prorated for 2012).
- 7Additional compensation includes fees of $7,500 per Board meeting and $5,000 per Committee meeting.