SWIFT TRANSPORTATION COMPANY (NYSE:SWFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
On December 22, 2016, the Compensation Committee of the Board of Directors of Swift Transportation Company (the “Company”) approved a new compensation package for Richard Stocking, the Company’s President and Chief Executive Officer. The new compensation package, which is effective for fiscal year 2017, was recommended by the Company’s compensation consultant, Pearl Meyer and Partners, LLC. In light of the expanded duties being assumed by Mr. Stocking in his capacity as Chief Executive Officer, Mr. Stocking will receive an annual base salary of $650,000. In addition, Mr. Stocking will receive (1) a short-term annual cash incentive award with a maximum target equal to 50% of Mr. Stocking’s annual base salary, subject to the Company’s achievement of specified levels of financial performance, and (2) a long-term equity incentive award with a target award equal to 250% of Mr. Stocking’s annual base salary. The long-term equity incentive award will be comprised of three components consisting of stock options, time-based restricted stock units and performance units. The vesting of the performance units is subject to the Company achieving specified levels of financial performance.
About SWIFT TRANSPORTATION COMPANY (NYSE:SWFT)
Swift Transportation Company (Swift Transportation Co.) is a multi-faceted transportation services company, which operates the fleet of truckload equipment in North America from over 40 terminals near key freight centers and traffic lanes. The Company operates in four segments: Truckload, Dedicated, Swift Refrigerated and Intermodal. The Truckload segment consists of one way movements over irregular routes throughout the United States, Mexico and Canada. The Company, through the Dedicated segment, devotes use of equipment to specific customers and offers personalized solutions under long-term contracts. The Company’s Swift Refrigerated segment primarily consists of shipments for customers that require temperature-controlled trailers. The Intermodal segment includes moving freight operations, including moving the freight over the rail in its containers and other trailing equipment, and drayage of transport loads between the railheads and customer locations. SWIFT TRANSPORTATION COMPANY (NYSE:SWFT) Recent Trading Information
SWIFT TRANSPORTATION COMPANY (NYSE:SWFT) closed its last trading session up +0.13 at 24.37 with 1,378,789 shares trading hands.