Landstar System Vice President and Chief Commercial Officer Rob Brasher resigned from his executive roles but has agreed to stay on as special adviser until June 2024, according to a securities filing Tuesday.
His resignation was effective Monday.
In his advisory role, Brasher will work exclusively for Landstar, primarily from his home office, with duties “assigned from time to time by the CEO,” according to a letter agreement included in the filing. The agreement, signed by Brasher and CEO James Gattoni, did not otherwise spell out specific responsibilities for the job.
Brasher’s salary will be reduced to $175,000 per year, and he will not be eligible for bonuses, paid vacation days, paid flex days or any other paid days off.
In the letter, Landstar outlined two key considerations in its willingness to enter into the agreement with Brasher:
- “As of the date you execute this letter agreement, you are not aware of any facts or circumstances that could form the basis of any claim against Landstar ... [or] of any compliance issues or possible violations of federal, state or local law or regulations or Landstar policy other than those that you may have previously raised with Landstar, if any.”
- “Your continued employment and ending of employment are governed exclusively by the terms of this letter agreement, and any prior agreements and understandings, whether written or spoken, between you and Landstar are completely superseded by this letter agreement and are no longer of any force and effect.”
Landstar agreed not to terminate Brasher’s employment other than for cause, while Brasher agreed not to “seek, solicit or enter into, directly or indirectly, any ownership, employment, consulting or other similar arrangement of any kind with any competitor, agent or vendor of the Company,” until June 30, 2024.
That clause includes service as a member on other companies’ boards of directors, without the Landstar president and CEO’s prior written consent. The letter noted, however, that “consent shall not be unreasonably withheld.”
Brasher’s resignation is one of a flurry of C-suite shakeups among trucking carriers at a time of heightened appetite for new leadership.
Werner appointed a new CFO, effective next month. ArcBest promoted from within for controller and chief accounting officer. Old Dominion Freight Line COO Kevin “Marty” Freeman will take the reins from outgoing CEO Greg Gantt, who retires this summer.
