SWIFT TRANSPORTATION COMPANY (NYSE:SWFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On February 28, 2017, the Compensation Committee of the Board of Directors of Swift Transportation Company (the “Company”) approved a new compensation package for Virginia Henkels, the Company’s Executive Vice President, Chief Financial Officer and Treasurer. The new compensation package was recommended by the Company’s compensation consultant, Pearl Meyer and Partners, LLC. For 2017, Ms. Henkels will receive an annual base salary of $400,000. In addition, Ms. Henkels will receive (1) a short-term annual cash incentive bonus with a target award equal to 75% of Ms. Henkel’s annual base salary, subject to the Company’s achievement of specified levels of financial performance, and (2) a long-term equity incentive award with a target goal equal to 150% of Ms. Henkel’s annual base salary. The long-term equity incentive award will be comprised of three components: (i) stock options; (ii) time-based restricted stock units; and (iii) performance units. The vesting of the performance units is subject to the Company achieving specified levels of financial performance.
A study done shows that the average cost for a company to run a truck is up to $1.68/mile. According to other studies the average freight rate is $2.01/mile. That is a difference of $0.33/mile of profit.
Swift claims to only make $0.017/mile(1.7¢/mile) in profit. Hmm… Can you say bullshit on Swift?
I get paid about $1.347/mile (93.5¢/mile mileage + 41.2¢/mile Fuel Surcharge). Wow… Really Swift? I don’t know how much Target pays but I know they pay well. If they pay average that means Swift makes $0.663/mile ($1,989/week) off me. Razor thin margins you say? Again I call bullshit. Times like this I think about my brother’s offer to join him on the dark side and get my cookies from Schneider.
So apparently Swift has decided to give us drivers more… About 6 inches more… Sideways…
Introducing mileage rate increases of 10¢/mile! (and fuel surcharge cuts of 20¢/mile)
Come on really?!?! You think we are that retarded? I will be paying the spreadsheets of how bad this is tomorrow. This gives me to much of a headache to contribute thinking about it anymore tonight. (and they wonder why I drink…)
They have been getting rebates and discounts for years. I never saw a penny of it. Only reason I’m seeing it now is Pilot pissed in their Fruit Loops. Even with that 5¢ Love’s is still 9¢ cheaper.
You think we can’t see what you been doing to us?! It used to be a mantra from DM’s that is o/o’s followed the fuel route recommendations that we would see those rebates and discounts. Not one penny!! Bastards kept it all!
(steps down from soap box)
Melton Announces New Pay Increase
We are very pleased to announce another well-deserved increase in driver compensation! Effective immediately, all Company Drivers and Owner Operators will receive a minimum of 2¢ per mile increase in compensation, and some experience categories will receive up to 4¢ per mile more.
Our minimum pay is now 37¢ per mile, and our top drivers are making 50¢ per mile, before Tarp Pay, Stop Pay, Canada and HazMat Pay, as well as OD Pay, and more! Call now to speak with a recruiter, and ask for full details.
Bob Peterson – President Melton Truck Lines