• DTS.USA
    5.320
    -0.013
    -0.2%
  • NTI.USA
    2.800
    0.000
    0%
  • NTID.USA
    2.760
    -0.100
    -3.5%
  • NTIDL.USA
    1.940
    -0.100
    -4.9%
  • OTRI.USA
    6.190
    0.010
    0.2%
  • OTVI.USA
    12,391.500
    -166.900
    -1.3%
  • DTS.USA
    5.320
    -0.013
    -0.2%
  • NTI.USA
    2.800
    0.000
    0%
  • NTID.USA
    2.760
    -0.100
    -3.5%
  • NTIDL.USA
    1.940
    -0.100
    -4.9%
  • OTRI.USA
    6.190
    0.010
    0.2%
  • OTVI.USA
    12,391.500
    -166.900
    -1.3%
LogisticsNews

Landstar loses another CFO after short tenure

3rd finance head in year and a half

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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The FREIGHTWAVES TOP 500 For-Hire Carriers list includes Landstar System (No. 6) and Lineage Logistics (No. 357).

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.