8-KLeadership ChangesExhibits & Filings

PACCAR INC 8-K Report, Executive Changes (Feb 16, 2018)

Filed February 16, 2018For Securities:PCAR

Summary

PACCAR Inc. (PCAR) announced a change to its Board of Directors via an 8-K filing on February 16, 2018. The company elected Franklin L. Feder to the Board, effective April 30, 2018, to fill a vacancy created by the retirement of Luiz Kaufmann. Mr. Feder's appointment is a routine transition, and he will be compensated according to the company's standard director compensation plan. This filing is primarily administrative, focused on corporate governance. Investors should note the addition of a new director with a standard compensation package, indicating continuity in the board's oversight. The information provided does not suggest any material changes to the company's operations or financial performance, but rather a normal refreshment of its leadership.

Key Highlights

  • 1PACCAR Inc. elected Franklin L. Feder to its Board of Directors, effective April 30, 2018.
  • 2Mr. Feder will fill the vacancy left by the retirement of director Luiz Kaufmann.
  • 3The appointment is effective as of April 30, 2018, following the retirement of Mr. Kaufmann on April 29, 2018.
  • 4Mr. Feder will receive compensation consistent with PACCAR's standard director compensation structure.
  • 5Standard director compensation includes an annual cash retainer of $110,000 and an annual restricted stock award of $150,000 (both prorated for 2018).
  • 6Committee meeting fees of $5,000 per meeting will also be provided.
  • 7A press release detailing this board action is attached as an exhibit.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce the election of a new director, Franklin L. Feder, to PACCAR Inc.'s Board of Directors and to provide details about his compensation.

Franklin L. Feder is a newly elected Class III director. He is joining the board to fill the vacancy created by the retirement of Luiz Kaufmann on April 29, 2018.

Mr. Feder will be compensated according to PACCAR's standard arrangements for non-employee directors, which include an annual cash retainer of $110,000, an annual restricted stock award of $150,000 (both prorated for 2018), and committee meeting fees of $5,000 per meeting.

This filing is administrative and primarily concerns corporate governance. The compensation for the new director is in line with the company's existing policies, so there are no significant unexpected financial implications for PACCAR arising from this specific board change.