Freight broker Landstar System announced Wednesday that CFO Fred Pensotti will be departing the company “to pursue another professional opportunity.” A filing with the Securities and Exchange Commission said the change is effective July 1.
Pensotti was hired by Landstar (NASDAQ: LSTR) only a year ago, following the abrupt but “amicable” departure of prior CFO Kevin Stout. Pensotti’s brief stint at the company was a memorable one as Landstar posted fresh highs in revenue and earnings per share during each quarter of his tenure.
Current VP and Corporate Controller James Todd will step into the CFO role on July 1. Todd will also serve as principal financial officer and principal accounting officer. He joined Landstar in 2013 as director and assistant controller. Todd has been in his current role since 2015.
In addition to a salary increase, Todd will be eligible for the company’s executive compensation plan.
Pensotti is entitled to separation benefits per his original employment agreement.
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