ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 20, 2020, the Board of Directors of J.B. Hunt Transport Services,
Inc. (the "Company") appointed John Kuhlow to serve as Executive Vice President
and Chief Financial Officer of the Company and appointed Nicholas Hobbs to serve
as Chief Operating Officer in addition to his role as Executive Vice President
and President of Contract Services (Dedicated Contract Services & Final Mile
Services). Each of these appointments will be effective December 1, 2020.
Mr. Kuhlow, 50, has served as the Company's Interim Chief Financial Officer
since March 1, 2020. He has served as the company's Senior Vice President -
Finance, Controller and Chief Accounting Officer since 2014. Mr. Kuhlow joined
the Company in August 2006 as Assistant Controller. Prior to joining the
Company, he was a Senior Audit Manager for KPMG LLP. He is a Certified Public
Accountant. Mr. Kuhlow will continue to serve as the Company's principal
accounting officer.
Mr. Hobbs, 58, has served as Executive Vice President, President of Dedicated
Contract Services since 2010 and became president of Contract Services
(Dedicated Contract Services & Final Mile Services) when the Company designated
Final Mile Services® as a separate reportable operating segment in March 2020.
Mr. Hobbs joined the Company in 1984.
Effective December 1, 2020, Mr. Kuhlow will be paid an annual base salary of
$400,000 per year, and Mr. Hobbs' base salary will increase to $600,000. In
connection with their promotions, Mr. Kuhlow and Mr. Hobbs were each awarded
performance-based restricted share units valued at $1 million and $500,000,
respectively, which will vest over a three-year period on January 31 of 2026
through 2028, subject to the Company's achievement of predetermined annual
operating income targets for the fiscal year preceding the applicable vesting
date.
On November 20, 2020, the Compensation Committee of our Board of Directors also
approved compensation changes for other members of the Company's executive
leadership team, including Shelley Simpson, our Executive Vice President, Chief
Commercial Officer, and President of Highway Services. Effective December 1,
2020, Ms. Simpson's role will change to Chief Commercial Officer and Executive
Vice President, People and Human Resources, and her annual base salary will
increase to $600,000. The Compensation Committee also approved an award of
performance-based restricted share units to Ms. Simpson valued at $500,000 in
connection with this promotion. These units will vest under the same terms as
the promotional awards granted to Mr. Kuhlow and Mr. Hobbs.
The Company has not entered into any written employment agreement with
Mr. Kuhlow, Mr. Hobbs or Ms. Simpson.
ITEM 7.01 REGULATION FD DISCLOSURE
On November 24, 2020, we issued a news release announcing the following
executive management changes which will be effective December 1, 2020:
Name Title
John Kuhlow Executive Vice President and Chief Financial Officer
Nicholas Hobbs Executive Vice President, President of Contract
Services, and Chief Operating Officer
Shelley Simpson Chief Commercial Officer and Executive Vice President,
People and Human Resources
Craig Harper Executive Vice President and Chief Sustainability
Officer
Bradley Hicks Executive Vice President and President of Highway
Services
A copy of that news release is attached as an exhibit to this Form 8-K and is
incorporated herein by reference.
--------------------------------------------------------------------------------
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
99.1 News release dated November 24, 2020, issued by J.B. Hunt Transport
Services, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
JB HUNT TRANSPORT SERVICES 
