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|Item 5.02|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 20, 2021, the Board of Directors of Yellow Corporation (the “Company”) appointed Daniel L. Olivier to the position of Chief Financial Officer, which appointment is effective August 23, 2021. Mr. Olivier has held the CFO position in an interim role since October 2020. Mr. Olivier, age 48, has been employed by the Company or Company subsidiaries since 1996 in various positions of increasing responsibility. Prior to serving as interim Chief Financial Officer, Mr. Olivier served as Vice President, Financial Reporting and Analysis from October 2019 to October 2020 and as Vice President, Finance at USF Holland since May 2008. Additionally, Mr. Olivier served as the Company’s Interim Treasurer from July to December 2010.
Mr. Olivier’s base salary will be $450,000 and he will continue to be entitled to participate in the Company’s executive compensation program with a short-term incentive program target potential payout of 100% of his base salary, and a maximum earnings opportunity of 200% of target along with potential long-term incentive opportunities as established by the Compensation Committee of the Board. Additionally, in connection with Mr. Olivier’s appointment, he will receive:
an award of fully-vested restricted stock units (“RSUs”) in an amount equal to $75,000 divided by the volume weighted average price for the 30-day period immediately preceding August 23, 2021 (the “VWAP Price); and
an award of RSUs in an amount equal to $1,500,000 divided by the VWAP Price, which vest in equal amounts on each of the first, second, third, fourth and fifth anniversaries of the grant date.
There are no arrangements or understandings that exist between Mr. Olivier and any other persons pursuant to which he was selected as an officer. In addition, there are no transactions between Mr. Olivier and the Company that would be reportable under Item 404(a) of Regulation S-K.
On August 23, 2021, the Company issued a press release announcing the appointment of Mr. Olivier to the position of Chief Financial Officer. A copy of the press release is furnished herewith as Exhibit 99.1.
|Item 9.01|| |
Financial Statements and Exhibits
|99.1||Press Release dated August 23, 2021|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|Leah K. Dawson|
|Executive Vice President, General Counsel and Secretary|
Date: August 23, 2021
10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6108 Fax 913 696 6116
Yellow Corporation Appoints Dan Olivier as Chief Financial Officer
Olivier has served the Company for 25 Years
OVERLAND PARK, Kan. Aug. 23, 2021 Effective today, Yellow Corporation (NASDAQ: YELL) announces the appointment of Dan Olivier to the role of Chief Financial Officer. Olivier has served as Interim CFO since October 2020. He will maintain responsibility for corporate finance, treasury, investor relations, accounting, tax and risk management/internal audit functions at Yellow.
With more than 25 years at the Company, and half of those years at the VP level, consistency in Dans leadership will allow a very seamless transition as he assumes the role of Chief Financial Officer, said Darren Hawkins, Yellow CEO. On behalf of Yellows executive leadership and board of directors, we are thrilled with the leadership and knowledge Dan has brought to the Company and we are excited to see Dan promoted to CFO as we continue making significant progress on our journey to One Yellow.
Olivier became Interim CFO in Q4 of 2020, having most recently served as Vice President of Financial Planning and Analysis. Prior to that, Olivier was Vice President of Finance for more than 12 years. He has a Bachelors degree in Accounting from Trinity Christian College.
While I do not expect much will change for me day-to-day, Im extremely proud to step into the role of CFO, officially, said Dan Olivier, Yellow CFO. I look forward to leaning into my background that is focused heavily on operational finance and strategy to lead the financial aspects of our One Yellow transformation.
About Yellow Corporation
Yellow Corporation has one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America with local, regional, national, and international capabilities. Through its teams of experienced service professionals, Yellow Corporation offers industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial, and retail goods with confidence. Yellow Corporation, headquartered in Overland Park, Kan., is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics.
Please visit our website at www.myyellow.com for more information.