Schneider National, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Schneider National, Inc. on September 6, 2023. The filing discloses a significant executive leadership change within the company's finance organization.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of Darrell Campbell as Executive Vice President and Chief Financial Officer, effective September 30, 2023. Mr. Campbell succeeds Stephen L. Bruffett, who announced his retirement on May 23, 2023. Mr. Bruffett will remain with the company through the end of 2023 to facilitate the transition.
Management Commentary and Compensation
Mr. Campbell's compensation package includes the following components:
- Annual Base Salary: $525,000
- Annual Cash Incentive: Target of $415,000 (79% of base salary); prorated for 2023 based on start date.
- Long-Term Equity (2024+): Restricted stock units valued at $304,000 and performance-based restricted stock units with a target value of $456,000.
- 2023 Equity Award: Prorated restricted stock units with a grant date fair value of $250,000.
- One-Time Benefits: A cash bonus of $375,000 and relocation benefits.
Mr. Campbell brings prior experience as CFO of Carnival Cruise Line and Group Vice President of Strategy and Finance for JM Family Enterprises.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 30, 2023) and the departure timeline for the outgoing CFO.
- Review the total value of the one-time signing bonus and relocation benefits disclosed.
- Confirm the structure of the long-term equity incentives and performance metrics for future years.
- Check for any subsequent filings regarding the completion of the transition or changes to the compensation committee's determinations.