James M. Applegate
Vice President and Chief Corporate Sales, Strategy and Specialized Freight Officer at 
LANDSTAR SYSTEM
LANDSTAR SYSTEMExecutive
About James M. Applegate
James M. Applegate, age 53, is Vice President and Chief Corporate Sales, Strategy and Specialized Freight Officer at Landstar System, Inc., serving as an Executive Officer since March 2024. He previously led Business Intelligence and Strategy (2018–2024) and Business Development and Analysis (2014–2018) for Landstar’s agent-based operating companies, and has held various corporate sales roles since 2009, giving him deep commercial and specialized freight expertise . Company performance context for incentive alignment: 2024 revenue declined 9% year over year in a soft truckload market, and cumulative TSR over 2020–2024 was 70% versus 47% for the Dow Jones Transportation Index; pay programs emphasize diluted EPS in the ICP and operating income, pre-tax EPS, and TSR in equity awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Landstar System, Inc. | VP & Chief Corporate Sales, Strategy and Specialized Freight Officer | Mar 2024–present | Leads corporate sales and specialized freight strategy, including heavy haul initiatives . |
| Landstar Agent-Based Operating Companies | EVP, Business Intelligence & Strategy | Sep 2018–Mar 2024 | Directed BI and strategy across agent-based subsidiaries . |
| Landstar Agent-Based Operating Companies | EVP, Business Development & Analysis | Jan 2014–Sep 2018 | Led business development/analysis for agent-based subsidiaries . |
| Landstar subsidiaries | Vice President (business development, solutions, corporate sales) | 2009–2013 | Various sales leadership roles building corporate accounts . |
External Roles
- Not disclosed in proxy or filings reviewed.
Fixed Compensation
- Base salary, target bonus % and actual ICP bonus for Applegate are not disclosed (he is not a Named Executive in the Summary Compensation Table) .
Performance Compensation
- Company programs:
- Annual ICP: threshold and targets set on diluted EPS; 2024 threshold $6.63, target $7.36, actual $5.51 → no ICP payouts to Named Executives (context for Applegate’s pay-for-performance environment) .
- Equity awards: Regular RSUs based on growth in operating income and pre-tax EPS per diluted share; TSR-based RSUs (CAGR 9% over a 6–10 year measurement window), with change-in-control vesting based on 125% of the target TSR price .
| Program | Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| ICP (FY2024, company context) | Diluted EPS | $7.36 | $5.51 | $0 to Named Executives | N/A (cash) |
| Regular RSU Awards (design) | Operating income; Pre-tax EPS per diluted share | Must exceed 2023 base; max requires ~100% increase vs FY2023 in 2026–2028 | Not disclosed by award | Performance-based vesting (0–200% units) | Vest on years 3–5 post grant |
| TSR-based RSUs (design) | TSR CAGR | 9% over 6–10 years | N/A | N/A | Vest upon hitting TSR CAGR or change-in-control at 125% target price |
No Applegate-specific grant quantities or fair values are disclosed in the tables for Named Executives; section reflects company plan design and 2024 outcomes.
Equity Ownership & Alignment
| Item | Data | As-of |
|---|---|---|
| Beneficial ownership (shares) | 7,154 (less than 1%) | March 21, 2025 |
| Included restricted stock (unvested) | 1,592 shares subject to vesting (footnote) | March 21, 2025 |
| Hedging/Pledging policy | Hedging and pledging prohibited for Named Executives and directors; prohibits employees trading derivatives on LSTR stock | Policy effective Oct 1, 2023 |
| Clawback policy | 3-year recovery of incentive-based compensation upon accounting restatement; applies to ICP and RSU vesting | Adopted Aug 10, 2023 |
| Stock ownership guidelines | CEO: 7x salary; other Named Executives: 4x salary; 5-year compliance window (Applegate’s status not disclosed) | Current |
- Vested vs. unvested breakdown beyond the 1,592 restricted shares is not disclosed for Applegate .
- Shares pledged as collateral: prohibited by policy; no pledging disclosed for Applegate .
Employment Terms
- Key Executive Employment Protection Agreements (KEEPA) are disclosed for Named Executives (multiples: 2x for Coro, Kneller, Lonegro, Todd; 1x for Beacom), with pro rata threshold bonus and up to one year of medical benefits; Applegate’s KEEPA status is not disclosed .
- Change-in-control payment table is provided for Named Executives only; Applegate not listed .
- Non-compete/non-solicit, garden leave, and post-termination consulting terms for Applegate are not disclosed.
Performance & Track Record
- Strategic leadership: Applegate is the executive voice behind heavy haul and specialized freight, describing breadth across wind, machinery, electrical equipment, data centers and specialized 3PLs; management remains bullish on these verticals despite tariff-related uncertainties .
- Execution results: Heavy haul volumes up 3% in Q1 2025 (company) as the area of focus matured; Applegate attributes broad-based growth to dedicated sales support and agent engagement .
- Commercial traction: Top 100 customers grew ~5% in Q1 2025, with Applegate highlighting share-of-wallet expansion initiatives and support across strategic offerings (heavy haul, cold chain expedite, hazmat) .
Investment Implications
- Compensation alignment: Applegate’s incentives should be shaped by company-wide pay-for-performance constructs (ICP on diluted EPS; RSUs tied to operating income, pre-tax EPS, and TSR), but absent Named Executive disclosure, investor visibility into Applegate-specific salary/bonus/grants is limited; note that no ICP payouts occurred for FY2024 given EPS shortfall .
- Ownership and retention: Direct beneficial ownership is modest (7,154 shares; <1%), with 1,592 unvested restricted shares indicating some long-term alignment; hedging/pledging bans and clawback strengthen alignment and mitigate sell pressure from derivatives or restatement risk .
- Change-in-control economics: Robust KEEPA terms exist for Named Executives; Applegate’s specific severance/change-in-control provisions are not disclosed, creating uncertainty around his retention economics in corporate events .
- Execution signal: Applegate’s leadership over specialized freight (heavy haul, cold chain, hazmat) with measured commentary and early wins (heavy haul volume growth, top accounts +5%) supports the thesis that his remit targets higher-moat segments likely to drive mix and margin resilience, an attractive signal for strategic execution risk management .