false0000793074
0000793074
2020-04-15
2020-04-15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 15, 2020
WERNER ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
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Nebraska | 0-14690 | 47-0648386 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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14507 Frontier Road | | |
Post Office Box 45308 | | |
Omaha | , | Nebraska | | 68145-0308 |
(Address of principal executive offices) | | (Zip Code) |
(402) 895-6640
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR40.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 Par Value | | WERN | | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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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 |
Compensatory Arrangements of Certain Officers
The Executive Officers and Senior Vice Presidents of Werner Enterprises, Inc. (the “Company”) have elected to voluntarily reduce their base salaries to support the Company’s initiatives to reduce costs in the second quarter of 2020, in light of the expected impact from the COVID-19 pandemic on the Company’s business and industry. Executive Chairman, Clarence L. Werner, will reduce his annual base salary for the remainder of 2020 by $250,000. President and Chief Executive Officer, Derek Leathers, will reduce his base salary by 25%. The remaining Executive Officers have elected reductions of 15% each, including the following Named Executive Officers: Chief Operating Officer, Marty Nordlund; Chief Financial Officer, John Steele; and Chief Administrative Officer, Jim Schelble. The Senior Vice Presidents have elected reductions of 10% each. The temporary percentage reductions in base salary will be effective from April 10, 2020 through July 2, 2020 and will not affect any other items of compensation.
SIGNATURES
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 hereunto duly authorized.
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| WERNER ENTERPRISES, INC. |
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Date: April 16, 2020 | By: | | /s/ John J. Steele |
| | | John J. Steele |
| | | Executive Vice President, Treasurer and Chief Financial Officer |
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Date: April 16, 2020 | By: | | /s/ James L. Johnson |
| | | James L. Johnson |
| | | Executive Vice President, Chief Accounting Officer and Corporate Secretary |