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Posted 26 July, 2022

HUNT J B TRANSPORT SERVICES INC appointed new CEO

CEO Change detected for ticker Nasdaq:JBHT in a 8-K filed on 26 July, 2022.


  On July 20, 2022, the Board of Directors of J.B. Hunt Transport Services, Inc. (the "Company") appointed Shelley Simpson to serve as President of the Company effective August 1, 2022. John N. Roberts, III will remain in his role as Chief Executive Officer of the Company.  

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Overview of HUNT J B TRANSPORT SERVICES INC
Transportation/Logistics • Trucking
J.B. Hunt Transport Services, Inc. engages in the provision of logistics solutions. It operates through the following segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Final Mile Services (FMS) and Truckload (JBT). The JBI segment offers intermodal freight operations for rail carriers. The DCS segment includes private fleet conversion and final-mile delivery services. The ICS segment provides single-source logistics management for clients who intend to outsource their transportation activities. It offers flatbed, refrigerated, expedited, less-than-truckload, dry-van, and intermodal freight services. The FMS segment provides final-mile delivery services to customers through a nationwide network of cross-dock and other delivery system network locations. The JBT segment is responsible for full-load, dry-van freight that is transported via roads and highways. The company was founded by Johnnie Bryan Hunt, Sr. and Johnelle D. Hunt on August 10, 1961, and is headquartered in Lowell, AR.
Market Cap
$20.7B
View Company Details
HUNT J B TRANSPORT SERVICES INC by TradingView
Relevant filing section
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

 

On July 20, 2022, the Board of Directors of J.B. Hunt Transport Services, Inc. (the "Company") appointed Shelley Simpson to serve as President of the Company effective August 1, 2022. John N. Roberts, III will remain in his role as Chief Executive Officer of the Company.

 

Ms. Simpson, 50, has served as the Company's Chief Commercial Officer since 2017 and Executive Vice President of People and Human Resources since November 2020. From 2017 to 2020, she served as the Company's President of Highway Services, a position created by combining the Company's executive management of its Integrated Capacity Solutions and Truckload segments. Ms. Simpson previously served as President of Integrated Capacity Solutions from 2007 to 2017 and President of Truckload from 2014 to 2017. She also served as the Company's Chief Marketing Officer from 2011 to 2017. Ms. Simpson joined the Company in 1994.

 

Effective August 1, 2022, Ms. Simpson's annual base salary will increase to $725,000. In connection with her promotion, Ms. Simpson was awarded performance-based restricted share units valued at $5 million which will vest in equal annual installments over a 10-year period with an initial vest on August 1, 2023 and subsequent vests on January 31 beginning in 2024, subject to the Company's achievement of predetermined annual operating income targets preceding the applicable vesting date. Under the Company's Performance Growth Initiative (PGI) bonus plan, Ms. Simpson's eligible bonus amount will increase to a range of 75% to 125% of her annual base salary, effective August 1, 2022, consistent with the PGI bonus plan for Mr. Roberts. Her eligible bonus under the PGI bonus plan for the period from January 1 through July 31, 2022, will remain at the Executive Vice President level with a range of 50% to 100% of annual base salary. PGI bonus payments are subject to the Company's achievement of predetermined net revenue and earnings before taxes targets for calendar year 2022. Ms. Simpson remains eligible to receive an annual bonus consistent with the Company's annual operating income bonus plan under the previously disclosed terms of such plan.

 

The Company has not entered into any written employment agreement with Ms. Simpson. Ms. Simpson's husband was employed by the Company until his retirement in 2021 and earned $192,295 in compensation from the Company during 2021.