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.