Trucking news and briefs for Tuesday, April 28, 2020:
Knight-Swift, Werner, Covenant execs take pay cuts
Top-level executives at some of the country’s largest trucking companies have agreed to accept voluntary, temporary salary reductions to help cut costs as the coronavirus slowdown freezes freight movement.
Knight-Swift, Werner Enterprises and Covenant Transportation have filed public notices with the Securities and Exchange Commission to document the reductions.
At Knight-Swift, the company’s CEO David Jackson, CFO Adam Miller, Chairman Kevin Knight and Vice Chairman Gary Knight have agreed to a 20% reduction in their base salary from April 13 through July 10.
Werner said in its filing that Executive Chairman Clarence Werner will take a pay cut of $250,000 for the rest of the year. CEO Derek Leathers has agreed to a salary reduction of 25% through July 2. Others taking a 15% cut through July 2 include COO Marty Nordlund, CFO John Steele and Chief Administrative Officer Jim Schelble. Senior VPs have agreed to a salary reduction of 10%.
Covenant Transportation CEO David Parker will take a 15% pay cut for the remainder of the year. Other executives will take a 10% cut, including CFO Richard Cribbs and President Joey Hogan. John Tweed, head of Covenant subsidiary LandAir, and Ryan Rogers, Covenant executive vice president, will also see a 10% pay cut through the end of the year.
FMCSA adds more mask distribution locations for truckers
While specific dates for the distribution of approximately 800,000 masks for truckers working during the COVID-19 pandemic are still mostly unknown, the agency has added around 30 more distribution locations in six states in addition to the six announced last week.
