Schneider National Inc. announced that Chief Financial Officer Lori Lutey will be retiring within the next six months in order to spend more time with family and friends.
To assist in an orderly transition, she will continue to serve in her current role for a period expected to conclude no earlier than March 30 and no later than June 30.
The company made the announcement in a filing with the U.S. Securities and Exchange Commission.
Lutey will receive her current base salary and benefits and at the end of the transition, a gross lump sum payment equal to $600,000, according to the Green Bay, Wis.-based company.
One financial analyst who follows the company expects a smooth transition and that the position would be filled from outside the company.
“We believe the hiring of an external candidate is likely, particularly one with public company experience, given the new responsibilities for [Schneider’s] chief financial after Ms. Lutey helped successfully transition the company through its 2017 [initial public offering]. We expect a seamless transition to a new chief financial officer after one is appointed,” Benjamin Hartford, with R.W. Baird & Co., wrote in a note to investors.
Schneider ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.