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Landstar System Inc. announced that Kevin Stout ended his role as vice president and chief financial officer Nov. 2 and will become special adviser to company President Jim Gattoni.
Stout will serve in that capacity until the anticipated end of his employment with the motor carrier in December 2021. Landstar announced his departure from the position and his new role in a filing with the Securities and Exchange Commission.
“We thank you for your service as vice president and chief financial officer … and accept your resignation as CFO effective as of the date hereof,” Gattoni said in a letter to Stout. “We are pleased that you have agreed to continued employment with Landstar as special adviser to the CEO … immediately following your resignation as CFO. In this new capacity, you will provide the services on the terms and conditions set forth below.”
Landstar also said in the filing that Stout stepped down from his previous positions effective immediately. Gattoni will serve as principal financial officer until a successor is named. He previously served as chief financial officer from 2007 to 2014.
Stout agreed to reduce his salary to $120,000 on an annualized basis under the letter agreement. He also will forgo a bonus under the company’s incentive compensation plan for fiscal 2020 and 2021 but will be eligible for a payment of $150,000 around Feb. 1.
Landstar also said he agreed to not seek or enter into any employment, consulting or other similar arrangement of any kind with any competitor for two years after the end of his current employment contract.
Landstar System ranks No. 9 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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