secwatch.observer — SEC 8-K summary
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Issuer:     LANDSTAR SYSTEM INC (LSTR)
CIK:        0000853816
Form:       8-K
Filed at:   2023-12-05T23:59:59+00:00
Accession:  0001193125-23-288872
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/853816/000119312523288872/0001193125-23-288872-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/853816/000119312523288872/d613753d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-288872

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