Landstar CEO Gattoni to retire Feb 2, 2024; Frank Lonegro named new CEO

LANDSTAR SYSTEM INC

James Gattoni resigns as CEO and board member effective Feb 2, 2024 after 28 years; will serve as special advisor to new CEO until July 1, 2024.
Frank Lonegro, 55, joins as President and CEO and board member effective Feb 2, 2024; previously EVP & CFO of Beacon Roofing Supply.
Lonegro receives $800k salary, 100% bonus target, $2M sign-on restricted stock (vests 2 years), $800k cash bonus replacement, and $10M performance stock units tied to 9% TSR CAGR.
Lonegro also eligible for initial February 2024 equity grants of $2M PSUs, $1M restricted stock, and $1M TSR-based PSUs.
Gattoni's 2023 MICP bonus remains if conditions met; his equity vesting continues through Retirement Date, then ceases.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

James B. Gattoni

Special Advisor to the Chief Executive Officer

LSTR · LANDSTAR SYSTEM INC

Effective: 2024-02-02
Filed: December 5, 2023, 6:59 PM ET

Mr. Gattoni will serve as a special advisor to the new Chief Executive Officer

Departed

James B. Gattoni

President and Chief Executive Officer

LSTR · LANDSTAR SYSTEM INC

Effective: 2024-02-02
Successor: Frank A. Lonegro
Filed: December 5, 2023, 6:59 PM ET

James (“Jim”) B. Gattoni will resign from his position as President and Chief Executive Officer and a member of the Company’s board of directors, effective February 2, 2024, to retire after a 28 year career with Landstar.

Appointed

Frank A. Lonegro

President and Chief Executive Officer

LSTR · LANDSTAR SYSTEM INC

Effective: 2024-02-02
Filed: December 5, 2023, 6:59 PM ET

Frank A. Lonegro would join the Company as President and Chief Executive Officer and a member of the Company’s board of directors, effective February 2, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James B. Gattoni was appointed as Special Advisor to the Chief Executive Officer at LANDSTAR SYSTEM INC.

Action: will serve
Role: Special Advisor to the Chief Executive Officer

Exact text from the filing

Mr. Gattoni will serve as a special advisor to the new Chief Executive Officer

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.99

James B. Gattoni resigned as President and Chief Executive Officer at LANDSTAR SYSTEM INC.

Action: resigned
Role: President and Chief Executive Officer

Exact text from the filing

James (“Jim”) B. Gattoni will resign from his position as President and Chief Executive Officer and a member of the Company’s board of directors, effective February 2, 2024, to retire after a 28 year career with Landstar.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.99

Frank A. Lonegro was appointed as President and Chief Executive Officer at LANDSTAR SYSTEM INC.

Action: will join
Role: President and Chief Executive Officer

Exact text from the filing

Frank A. Lonegro would join the Company as President and Chief Executive Officer and a member of the Company’s board of directors, effective February 2, 2024.

View on SEC.gov

LANDSTAR SYSTEM INC filing history →

Source: SEC EDGAR

accession 0001193125-23-288872

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