Daseke has hired Aaron Coley as its next CFO, the flatbed and specialized carrier said in a securities filing last week.
The move followed the Sept. 19 resignation of outgoing CFO Jason Bates, according to the filing.
Bates will receive a severance package including a $3.7 million cash payment in a lump sum within 60 days of his departure. The separation agreement, effective Sept. 30, also requires the forfeiture and cancellation of any vested or unvested stock options, unvested time-based restricted stock units and any performance-based restricted stock units he held.
Coley will join Daseke, which is based in Addison, Texas, on Oct. 28. In the interim, CEO Jonathan Shepko will be its principal financial officer.
“Aaron’s extensive industry experience and track record of executive success as a CFO will drive great value for both the Company and our leadership team,” Shepko said in a news release. “His impressive financial leadership, capital allocation acumen, success driving strategic growth for portfolio companies, and direct industry experience make Aaron an excellent addition to the Daseke team.”
Coley has served as CFO of Pilot Thomas Logistics, a petroleum distribution business with more than 3,000 trucks and 80 warehouses across the country, since 2018. A 49-year-old certified public accountant, Coley has 24 years’ experience in the logistics industry, including more than a decade as a CFO. At Daseke, he will also serve as an executive vice president.
In addition to a $450,000 annual salary, Coley will be eligible for the following, according to the filing:
- An annual discretionary bonus with target value of 75% of his base salary
- A one-time cash payment of $450,000 as a sign-on award, which is subject to repayment if he resigns without good reason or is terminated for cause within one year
- Inducement awards, including a performance stock unit award agreement for 68,572 shares of common stock, which will time-vest on Dec. 31, 2025 and performance-vest based on how well the stock does
- A restricted stock unit award of 45,714 shares of common stock vesting in equal installments on the first three anniversaries of March 1, 2023
- A restricted stock award of 225,000 shares, half of which will vest after his first year as CFO, with the rest vesting after his second
“I look forward to working alongside Daseke’s deep bench of transportation and logistics professionals to drive continued operational excellence and value-enhancing capital deployment as we further execute the Company’s strategy and roadmap for long-term growth," Coley said in the release.
Daseke's unique, competitive position and “attractive, differentiated portfolio within the trucking space” offers plenty of value and sustainable earnings growth potential, the incoming CFO said.