Joseph J. Beacom
President, Landstar System Holdings, Inc. and Agent-Based Operating Subsidiaries at 
LANDSTAR SYSTEM
LANDSTAR SYSTEMExecutive
About Joseph J. Beacom
Joseph J. Beacom, age 60, is President of Landstar System Holdings, Inc. (LSHI) and each agent-based operating subsidiary since December 2024; he has been a Landstar executive officer since January 2006 and has served with the company since 1993 in safety, security, compliance, and operations roles . His current compensation is tied to company-wide diluted EPS via the annual ICP and to multi-year growth in operating income and pre-tax EPS per diluted share via RSUs, reinforcing pay-for-performance; no 2024 ICP paid as diluted EPS was $5.51 vs $6.63 threshold and $7.36 target . He plans to transition to Special Advisor on Dec 28, 2025 and retire March 1, 2026, which introduces defined succession timing .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Landstar System, Inc. | VP & Chief Safety and Operations Officer | May 2011–Nov 2022 | Led enterprise safety and operations governance and performance |
| Landstar System, Inc. | VP & Chief Safety, Security and Compliance Officer | Jan 2006–May 2011 | Established compliance and security frameworks and oversight |
| Landstar System Holdings, Inc. | VP & Chief Safety, Security and Compliance Officer | May 2005–May 2011 | Extended safety/compliance oversight across holding company |
| Landstar subsidiaries | Various positions | Since 1993 | Progressive operational leadership in agent-based network |
| LSHI and agent-based subsidiaries | President | Since Dec 2024 | Executive leadership over agent-based operations |
External Roles
No external directorships or public company board roles disclosed for Mr. Beacom .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $377,084 | Increased to $400,000 via letter agreement dated Nov 15, 2024, effective with Dec 2024 appointment |
| Target Bonus % (ICP) | 80% of base salary | Participant percentage for 2024 ICP: 50% (used in formula) |
| Actual ICP Paid ($) | $0 (threshold not met) | 2024 diluted EPS $5.51 vs $6.63 threshold and $7.36 target |
| Benefits/Perqs ($) | $33,256 total in 2024, incl. 401(k) $14,975, SERP $2,708, HSA $5,577, term life premiums $9,996 | Standard benefits; no tax gross-ups disclosed |
| Deferred Comp (SERP) | Elected participation; 2024 executive contrib. $37,708; registrant contrib. $2,708; earnings $123,814; balance $3,052,288 | SERP mirrors 401(k) match above IRS limits |
Multi-year compensation:
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 377,084 | 714,842 | — | 33,256 | 1,248,996 |
| 2023 | 375,000 | 714,830 | — | 31,214 | 1,321,875 |
| 2022 | 375,000 | 714,912 | 780,000 | 31,686 | 1,901,597 |
Performance Compensation
Annual ICP and equity awards are calibrated to company performance with formulaic mechanics:
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual ICP (2024) | Company-wide diluted EPS | 100% (company metric) | Target $7.36; Threshold $6.63 | $5.51 | $0 (below threshold) | N/A (cash plan) |
| Regular RSUs (2024 grant: 2,648 units) | Average of % change in operating income and pre-tax EPS/diluted share vs base year | Performance Multiple curve (0–200%) | 100% multiple at 50% Hurdle; 200% at 100% Hurdle | Not disclosed | N/A (dependent on multi-year results) | Vesting on Jan 31 of 2027, 2028, 2029; post-vesting 1-year holding requirement |
| Restricted Stock (2024 grant: 1,324 shares) | Time-based retention | N/A | N/A | N/A | N/A | 33 1/3% vests Jan 31 of 2025, 2026, 2027 |
Grant detail (2024):
| Award | Grant Date | Units/Shares | Grant-Date FMV/Share ($) | Design |
|---|---|---|---|---|
| Regular RSUs | Feb 2, 2024 | 2,648 | $188.78 (for RSU program grants) | Performance-based per multi-year hurdle |
| Restricted Stock | Feb 2, 2024 | 1,324 | $188.78 | Time-based retention |
Stock vested in 2024:
| Name | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| Joseph J. Beacom | 4,714 | 916,260 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 40,442 shares; <1% of class |
| Components | Includes 1,345 restricted shares subject to vesting; may be deemed beneficial owner of 20,000 shares held in an irrevocable trust where spouse is sole trustee |
| Unvested Restricted Stock (FY-end) | 2,794 shares at Dec 28, 2024 (market value $487,050 at $174.32 close) |
| Unearned RSUs Outstanding | 9,547 units (estimated payout value $1,664,233 at $174.32) |
| Ownership Guidelines | 4x salary for Named Executives; compliance required within five years; all Named Executives with ≥5 years are in compliance |
| Hedging/Pledging | Prohibited for Directors and Named Executives per Insider Trading Policy |
| Post-vesting Holding | 1-year holding on shares from RSU settlements (net of withholding) |
| Dividends on Unvested Restricted Stock | $9,996 received in 2024 (included in “All Other Compensation”) |
Employment Terms
| Term | Key Provisions |
|---|---|
| Role and Compensation | Appointed President of LSHI and agent-based subsidiaries effective Dec 1, 2024; base salary increased to $400,000; eligible for annual ICP with threshold target bonus 80% of salary |
| Transition/Retirement | Transition to Special Advisor on Dec 28, 2025; anticipated retirement Mar 1, 2026; no 2026 bonus and no new equity grants; KEPA terminates Dec 28, 2025 |
| Change-in-Control (while KEPA in effect) | Double-trigger; severance multiple 1x (base salary + threshold bonus based on participant %); pro rata threshold bonus; up to 1 year medical benefits |
| Estimated COC Value (as of 12/27/2024) | $1,601,869 (includes severance, pro rata threshold bonus, medical benefits, intrinsic value of partially accelerated equity using $174.32 stock price) |
| Clawback | Board-adopted Aug 10, 2023; recoup incentive-based comp upon accounting restatement (3-year lookback) per SEC/Nasdaq rules |
Investment Implications
- Pay-for-performance alignment: No 2024 cash bonus due to EPS below threshold; equity is predominantly performance-based RSUs with a stringent hurdle tied to multi-year operating and pre-tax EPS growth, supporting variable-cost alignment with cyclical freight demand .
- Near-term vesting and selling pressure: Time-based restricted stock will vest in three equal tranches through 2027, but RSU settlements are subject to a one-year post-vesting holding period, which mitigates immediate sale pressure; hedging/pledging prohibited, reducing alignment risk .
- Ownership alignment: Material beneficial ownership (40,442 shares) plus unearned RSUs and compliance with 4x salary ownership guidelines indicate skin-in-the-game; note trust-held shares may be deemed beneficial ownership, enhancing alignment optics .
- Retention and succession: Defined transition to Special Advisor in late 2025 and retirement in early 2026 introduces succession timing; KEPA termination at transition lowers change-of-control protection thereafter, potentially reducing retention leverage but clarifies planned handoff .
- Governance and risk controls: Formal clawback policy and prohibition of hedging/pledging are positive governance signals; say-on-pay support was ~96% in 2024, indicating shareholder endorsement of compensation structure .