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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): January 12, 2024

J.B. HUNT TRANSPORT SERVICES, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Arkansas	0-11757	71-0335111
(State or other Jurisdiction of Incorporation or Organization	Commission File Number	(IRS Employer Identification No.)

615 J.B. Hunt Corporate Drive Lowell, Arkansas	72745	(479) 820-0000
(Address of Principal Executive Offices)	(Zip Code)	(Registrant’s telephone number)

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 CFR 240.14d- 2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	JBHT	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ☐

The information in Item 7.01 and Exhibit 99.1 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Item 7.01 and Exhibit 99.1 of this Current Report shall not be incorporated by reference into any registration statement or other filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On January 12, 2024, our Board of Directors (the “Board”) increased the size of the Board to ten directors in accordance with our Bylaws and elected Patrick J. Ottensmeyer to the Board. The Board appointed Mr. Ottensmeyer to serve on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board.

ITEM 7.01. FINANCIAL STATEMENTS AND EXHIBITS

On January 16, 2024, we issued a news release announcing the election of Patrick J. Ottensmeyer to our Board. A copy of the news release is attached as an Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d)	Exhibits.

99.1	News release dated January 16, 2024, issued by J.B. Hunt Transport Services, Inc.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 thereunto duly authorized on the 16th day of January 2024.

	J.B. HUNT TRANSPORT SERVICES, INC.


	BY:	/s/ John N. Roberts, III
		John N. Roberts, III
		Chief Executive Officer
		(Principal Executive Officer)


	BY:	/s/ John Kuhlow
		John Kuhlow
		Chief Financial Officer,
		Executive Vice President
		(Principal Financial Officer)

EX-99.1 2 ex_615214.htm EXHIBIT 99.1 ex_615214.htm

Exhibit 99.1

J.B. Hunt Transport Services, Inc.

615 J.B. Hunt Corporate Drive

Lowell, Arkansas 72745

Contact:

Brad Delco

Senior Vice President – Finance

investors@jbhunt.com

FOR IMMEDIATE RELEASE

J.B. HUNT ADDS FORMER KANSAS CITY SOUTHERN PRESIDENT AND CEO

PATRICK OTTENSMEYER TO BOARD OF DIRECTORS

Third new board member since 2021 follows the addition of Persio Lisboa and Thad Hill

LOWELL, Ark., January 16, 2024 – J.B. Hunt Transport Services Inc., one of the largest supply chain solutions providers in North America, today announced that Patrick Ottensmeyer has been elected the newest member of its board of directors, effective January 12, expanding the board to 10 total board seats.

Ottensmeyer brings more than 17 years of rail industry experience to the company’s board. He served as president and CEO of Kansas City Southern (KCS), a Class I railroad, from 2015 to 2023, until the completion of the merger creating Canadian Pacific Kansas City (CPKC) in 2023. From 2008 to 2015, he was executive vice president of sales and marketing at KCS and served as executive vice president and Chief Financial Officer at the railroad from 2006 to 2008.

Ottensmeyer served as the U.S. Chairman of the U.S. Chamber of Commerce’s U.S.-Mexico Economic Council (USMXECO) from 2019 to 2023. In this role as leader of the U.S.-Mexico CEO Dialogue, he was instrumental in representing business interests during the formation of the United States-Mexico-Canada Agreement (USMCA) from 2017-2020. He currently serves on the board of directors for the U.S. Chamber of Commerce; for The Greenbrier Companies, a leading international supplier of equipment and services to global freight transportation markets; and for Watco Companies, a single-source transportation and supply chain services company with locations throughout North America and Australia. Ottensmeyer is co-chair of the Brookings Institute USMCA Initiative and chair of the Truman Library Institute. He received the North American Rail Shippers Association Edward R. Hamberger Lifetime Achievement Award in 2023 and was the recipient of Ingram’s Executive of the Year Award the prior year. Also in 2022, he and Keith Creel, then president and Chief Executive Officer of Canadian Pacific (CP), won Railway Age’s Co-Railroaders of the Year Award, in connection with the CP and KCS merger. He received the Railway Age Railroader of the Year recognition for the first time in 2020 and was recipient of Progressive Railroading’s Railroad Innovator Award in 2019.

Ottensmeyer is the third new board member since 2021 for J.B. Hunt and will serve on the board’s Compensation Committee and Nominating and Governance Committee. Last year, Persio Lisboa joined the board following his retirement in 2021 as president and CEO of Navistar, Inc., a global original equipment manufacturer in the transportation industry. His 35-year career included extensive senior executive experience with Navistar. Prior to his top leadership role, Lisboa served as executive vice president and Chief Operating Officer from March 2017 to July 2020 and president, operations from November 2014 to February 2017. He was named the company’s Chief Procurement Officer in 2011 and vice president of purchasing and logistics in 2008. Prior to these roles, Lisboa held multiple management positions within Navistar’s North American and South American operations.

Thad Hill was elected to the board in 2021. Hill is CEO of Calpine Corporation (Calpine), one of the nation’s largest independent competitive power companies operating power plants and retail businesses in 22 states and Ontario, Canada. Hill has led Calpine since 2014, when he was promoted from president and Chief Operating Officer to his current position. Prior to joining Calpine, Hill was Executive Vice President of NRG Energy and president of NRG Texas, where he was responsible for NRG’s largest regional business.

The Board of Directors of J.B. Hunt Transport Services Inc. is composed of individuals with a variety of business and financial experience and backgrounds who represent the balanced interest of stockholders. Nominees for Directors are selected on the basis of, among other criteria, relevant business and financial expertise and experience, including the highest character and integrity, and freedom from conflicts of interest that would interfere with performance as a director. The Board maintains diversity in both gender and ethnic representation by selecting Directors whose backgrounds, attributes and experiences will contribute to the high standards of board service to the company. More information about the company’s governance is available at investor.jbhunt.com.

About J.B. Hunt

J.B. Hunt Transport Services Inc. is on a mission to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country with more than 163,000 pieces of trailing equipment and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is a Fortune 500 company, an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.