Old Dominion Freight Line Elects New Directors, Updates Exec Pay

Ticker: ODFL · Form: 8-K · Filed: 2024-03-19T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, executive-compensation, governance

Related Tickers: ODFL

TL;DR

ODFL adds 2 directors, inks new pay deals for CEO/CFO.

AI Summary

Old Dominion Freight Line, Inc. announced on March 19, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. Oliver and Gary L. Perdue, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, David S. Congdon, and Chief Financial Officer, Kevin P. Burke, detailing their compensation packages.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board and executive compensation changes, with no immediate financial distress or significant operational shifts indicated.

Key Players & Entities

FAQ

Who were the new directors elected to Old Dominion Freight Line's Board?

Michael J. Oliver and Gary L. Perdue were elected as new directors.

When were the new directors elected?

The new directors were elected effective March 19, 2024.

What other key items are reported in this 8-K filing?

The filing also reports on the election of directors and compensatory arrangements of certain officers.

Who are the named officers with new employment agreements?

The filing mentions new employment agreements for Chief Executive Officer David S. Congdon and Chief Financial Officer Kevin P. Burke.

What is the exact date of the earliest event reported in this filing?

The date of the earliest event reported is March 19, 2024.

Filing Stats: 426 words · 2 min read · ~1 pages · Grade level 12.3 · Accepted 2024-03-19 16:33:17

Key Financial Figures

Filing Documents

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 19, 2024 OLD DOMINION FREIGHT LINE, INC. (Exact name of Registrant as Specified in Its Charter) Virginia 0-19582 56-0751714 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 500 Old Dominion Way Thomasville , North Carolina 27360 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: ( 336 ) 889-5000 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.10 par value) ODFL The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 19, 2024, Kimberly S. Maready, Vice President – Accounting & Finance of Old Dominion Freight Line, Inc. (the "Company"), who is designated as the principal accounting officer of the Company, notified the Company that she will be retiring from the Company effective August 2, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OLD DOMINION FREIGHT LINE, INC. By: /s/ Kimberly S. Maready Kimberly S. Maready Vice President – Accounting & Finance (Principal Accounting Officer) Date: March 19, 2024

View on Read The Filing