Brett Biggs
HUNT J B TRANSPORT SERVICESAbout Brett Biggs
Brett Biggs (age 56) is an independent director nominee at J.B. Hunt Transport Services, Inc. (JBHT), slated to join the Board at the April 24, 2025 annual meeting. Upon election, he will serve on the Executive Compensation Committee and the Nominating and Corporate Governance Committee. Biggs is the former EVP & CFO of Walmart (2016–June 2022), served as Executive Advisor until January 2023, and is currently a Senior Advisor at Blackstone. The Board highlights his business and financial expertise and leadership experience with multinational public companies as qualifications for JBHT’s Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Walmart, Inc. | EVP & CFO | 2016 – Jun 2022 | Led finance for a global retailer; highlighted by JBHT Board as business/financial expertise |
| Walmart, Inc. | Executive Advisor | Jun 2022 – Jan 2023 | Transition role prior to retirement |
| Walmart International | CFO | 2014 – 2016 | International finance leadership |
| Walmart U.S. | CFO | 2012 – 2014 | U.S. segment finance leadership |
| Sam’s Club (Walmart) | SVP, Operations | 2010 – 2012 | U.S. club operations leadership |
| Sam’s Club (Walmart) | CFO (prior) | Pre-2010 | Finance roles including CFO of Sam’s Club |
| Walmart Corporate | SVP Corporate Finance & Assistant Treasurer | Pre-2010 | Corporate finance, treasury leadership |
| Walmart International | SVP International Strategy & M&A | Pre-2010 | Strategy and M&A leadership |
| Leggett & Platt; Phillips Petroleum; Price Waterhouse | Corporate finance/M&A and audit roles | Pre-2000 | Early career finance/audit experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Procter & Gamble Company | Director | Current | Listed as current other public directorship |
| YUM! Brands, Inc. | Director | Current | Listed as current other public directorship |
| Adobe, Inc. | Director | Current | Listed as current other public directorship |
| Blackstone | Senior Advisor | Current | Private role |
| American Red Cross; Pepperdine University; National Urban League; Walton Arts Center; Walmart Foundation | Director/Trustee (various) | Prior 5 years | Private organizations (prior 5 years) |
Board Governance
- Status: Independent director nominee; the Board determined Biggs is independent under NASDAQ standards .
- Committee assignments upon election (post-2025 meeting): Executive Compensation; Nominating & Corporate Governance .
- Committee chairs: Thad Hill (Exec Comp Chair); James L. Robo (Corporate Governance Chair); Sharilyn Gasaway (Audit Chair) .
- Lead Independent Director: James L. Robo; independent directors meet in executive session as part of each scheduled Board meeting .
- 2024 meeting cadence (for context): 5 Board meetings; 9 Audit, 5 Compensation, 4 Corporate Governance meetings; all current directors attended all meetings on which they served in 2024 (Biggs was not yet on the Board) .
Fixed Compensation
Nonemployee director compensation (payable in stock, cash, or combination at director election):
| Period | Annual Board Retainer | Audit Committee Member Retainer | Exec Comp Member Retainer | Nominating & Corp Gov Member Retainer | Chair Premiums | Lead Independent Director Retainer |
|---|---|---|---|---|---|---|
| 2024–2025 meeting cycle | $280,000 | $20,000 | $15,000 | $10,000 | +$25,000 (Audit Chair); +$25,000 (Comp Chair); +$10,000 (NCG Chair) | $25,000 |
| After 2025 Annual Meeting | $285,000 | $20,000 | $15,000 | $10,000 | +$25,000 (Audit Chair); +$25,000 (Comp Chair); +$10,000 (NCG Chair) | $25,000 |
- Payment mix signal: In 2024, most directors elected to receive retainers in stock (e.g., stock elections by Edwardson, Gasaway, Lisboa, Ottensmeyer, Robo; Hill 85% stock; Hunt cash), indicating alignment with shareholders .
Performance Compensation
- Not applicable for JBHT nonemployee directors: no performance-based cash or equity program is disclosed for directors; compensation is retainer-based with optional settlement in stock or cash .
Other Directorships & Interlocks
| Company | Relationship to JBHT | Notes |
|---|---|---|
| The Procter & Gamble Company | Other current public directorship | Listed as current for Biggs |
| YUM! Brands, Inc. | Other current public directorship | Listed as current for Biggs |
| Adobe, Inc. | Other current public directorship | Listed as current for Biggs |
| Blackstone (Senior Advisor) | Private role | Advisory role; no related-party transactions disclosed with JBHT |
- Overboarding policy: JBHT limits directors to a maximum of four public boards in total (including JBHT) and requires Board approval before joining another board. Biggs’ three external public boards plus JBHT would meet—i.e., be at—the cap .
Expertise & Qualifications
- Board-cited qualifications: “business and financial expertise in the retail industry and leadership experience in multinational public companies” .
- Career credentials include CFO roles across Walmart U.S., Walmart International, and Walmart Inc.; SVP roles in operations, corporate finance, treasury, international strategy and M&A; early finance/audit roles at Leggett & Platt, Phillips Petroleum, and Price Waterhouse .
- The Board has determined Biggs is independent and qualified per JBHT’s Corporate Governance Guidelines .
Equity Ownership
| Holder | Shares Beneficially Owned (Direct) | Shares Beneficially Owned (Indirect) | % of Class | Pledged Shares |
|---|---|---|---|---|
| Brett Biggs | — | — | — | 0 (none listed) |
- Director stock ownership guideline: Directors must own 3x their estimated annual compensation within five years of initial shareholder election; all directors comply or are within the accumulation period (Biggs would fall under the five-year accumulation timeline upon election) .
- Hedging/derivatives: Prohibited for directors under company policy .
- Pledging: Permitted only under strict conditions; no pledge by Biggs disclosed .
Governance Assessment
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Positives
- Independence affirmed by the Board; assignment to key governance-focused committees (Compensation; Nominating & Corporate Governance) aligns with his finance and leadership experience .
- Strong alignment practices across JBHT’s Board: majority of director retainers elected in stock in 2024; stock ownership guideline (3x compensation in 5 years); hedging prohibited; pledging tightly controlled .
- Robust committee structures and independent leadership: independent-only committees; Lead Independent Director with executive sessions at each regular meeting .
- High shareholder support for executive pay in 2024 (Say-on-Pay approval 95.9%), supporting a constructive governance environment into which Biggs will enter .
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Watch items / potential red flags to monitor
- Overboarding risk: JBHT policy caps at four public boards; Biggs’ current public board roles (P&G, YUM!, Adobe) plus JBHT would reach the cap—any additional board seat would require approval and could raise workload concerns .
- Initial skin-in-the-game: As of Feb 18, 2025, Biggs had no reported beneficial JBHT share ownership; he will have five years to meet the 3x compensation ownership guideline. Investors may monitor pace of accumulation and election to take retainers in stock .
- Related-party/perception risk: JBHT purchased Walmart’s intermodal assets in 2024, and Biggs is Walmart’s former CFO; however, he retired from Walmart in Jan 2023, and the Board determined his independence. No related-party transactions involving Biggs are disclosed; continue monitoring for any perceived ties or transactions (none disclosed to date) .
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No issues disclosed
- No related-party transactions involving Biggs; no family relationships; no attendance concerns (he was not serving in 2024); no pledging by Biggs disclosed .
Notes on Board Processes and Controls (context for Biggs’ committee work)
- Compensation Committee is fully independent, uses independent consultant Meridian, and benchmarks against a defined peer group; responsible for executive and director pay, stock ownership guidelines, and risk review of pay programs .
- Corporate Governance Committee oversees ESG and social risks, related-party transactions review/approval, board composition, succession planning, overboarding limits, and stock pledging approvals .
Overall takeaway: Biggs brings deep large-cap finance and M&A experience to JBHT’s Compensation and Corporate Governance committees with independence affirmed. Key monitoring areas are overboarding at the policy cap and timely progress toward stock ownership guidelines; no direct conflicts or related-party ties are disclosed to date.