Old Dominion Freight Line will promote CFO Adam Satterfield to EVP of finance, another in a flurry of C-suite changes on the way for the LTL carrier this summer.
Satterfield will remain the company’s finance chief but will ascend to EVP from his current position of senior vice president, according to a securities filing Thursday.
The promotion includes a salary raise to $628,074, and an increase in participation in the company’s performance incentive plan to 0.3%. It is effective July 1, the same day current COO Marty Freeman will take the reins from retiring CEO Greg Gantt.
Satterfield has been senior vice president of finance since January 2016. He was promoted to his current role after serving as vice president and treasurer beginning in June 2011.
The CFO will celebrate his 20th year at Old Dominion next October, according to its website. He previously worked as the company’s finance and accounting director, as well as SEC reporting manager. Before joining Old Dominion, the Certified Public Accountant was an audit manager at KPMG.
Satterfield’s promotion follows the high-profile departure of one of his colleagues, former Senior Vice President of Operations David Bates, who left for XPO in April. When he accepted the role of COO, Bates became the second Old Dominion alum to join XPO’s upper ranks in as many months.
Bates’ departure came after Old Dominion tapped Senior Vice President of Sales Gregory Plemmons to replace Freeman as COO when Freeman becomes CEO this summer.
Satterfield isn’t the only one getting a raise amidst the changes.
Upon Freeman’s elevation to CEO, his salary will increase to $956,800, and his company performance incentive plan participation will reach 0.6%, Old Dominion said in a separate filing Thursday.
Plemmons’ salary will increase to $628,074 on the same day, with a 0.3% participation in the performance incentive plan, the carrier said in a third filing. The carrier’s board also approved an increase in Plemmons’ target performance-based restricted stock unit award opportunity to 100% of his base salary, effective in January.
