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Posted 25 October, 2021

OLD DOMINION FREIGHT LINE, INC. appointed new CEO

CEO Change detected for ticker Nasdaq:ODFL in a 8-K filed on 25 October, 2021.


  Greg C. Gantt, President and Chief Executive Officer of the Company and a member of the Board; (ii) Earl E. Congdon, Chairman Emeritus and Senior Advisor to the Company; and (iii) David S. Congdon, the Company's Executive Chairman of the Board, as described below. For Messrs. Earl Congdon and David Congdon, the changes are further modifications to the previously disclosed multi-year approach of reduced pay levels across all pay components as part of the Company's long-term succession planning.  

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Overview of OLD DOMINION FREIGHT LINE, INC.
Transportation/Logistics • Trucking
Old Dominion Freight Line, Inc. engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr. and Lillian Congdon in 1934 and is headquartered in Thomasville, NC.
Market Cap
$42.4B
View Company Details
OLD DOMINION FREIGHT LINE, 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 October 20, 2021, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Old Dominion Freight Line, Inc. (the "Company") reviewed the compensation of the Company's named executive officers and approved certain material changes, effective January 1, 2022, to the compensation arrangements for each of: (i) Greg C. Gantt, President and Chief Executive Officer of the Company and a member of the Board; (ii) Earl E. Congdon, Chairman Emeritus and Senior Advisor to the Company; and (iii) David S. Congdon, the Company's Executive Chairman of the Board, as described below. For Messrs. Earl Congdon and David Congdon, the changes are further modifications to the previously disclosed multi-year approach of reduced pay levels across all pay components as part of the Company's long-term succession planning.


With respect to Mr. Gantt, the Committee approved an increase in his base salary to $920,000, to better align his base salary with competitive market levels for chief executive officers in the Company's peer group.


With respect to Mr. Earl Congdon, the Committee approved the following changes:


(i)His base salary will be reduced by 33% from its 2021 level;


(ii)His participation factor in the Company's Performance Incentive Plan (the "PIP Factor") used to determine his short-term cash incentive compensation (the "Short-Term Incentive Compensation") will be reduced by 52% from its 2021 level; and 


(iii)He will no longer receive stock-based compensation under the Company's 2016 Stock Incentive Plan.


With respect to Mr. David Congdon, the Committee approved the following changes:


(i)His base salary will be reduced by 24% from its 2021 level;


(ii)His PIP Factor used to determine his Short-Term Incentive Compensation will be reduced by 46% from its 2021 level; and


(iii)He will no longer receive stock-based compensation under the Company's 2016 Stock Incentive Plan. 


The amount of Short-Term Incentive Compensation that may be earned by either Mr. Earl Congdon or Mr. David Congdon remains variable, which means that the amount earned in 2022 may differ materially from the amount earned in prior years depending on the performance of the Company.