Teresa L. White
LANDSTAR SYSTEMAbout Teresa L. White
Teresa L. White (age 58) is an independent director of Landstar System, Inc. and has served on the Board since March 2022; she previously served as President of Aflac U.S. from October 2014 to March 2023 after a series of senior operating roles at Aflac spanning administration, services, operations and COO responsibilities, and she currently serves on the board of Synovus Financial Corporation (NYSE) . She is deemed independent under NASDAQ rules, attended at least 75% of Board and relevant committee meetings in FY2024, and attended the 2024 annual meeting, signaling strong engagement .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aflac U.S. | President | Oct 2014 – Mar 2023 | Oversaw U.S. business including ~5,000 employees and extensive agent/broker distribution; broad remit across marketing, sales, IT, communications, operations, and U.S. financial management . |
| Aflac | Chief Operating Officer | Jul 2013 – Sep 2014 | Senior operating leadership across enterprise functions . |
| Aflac | EVP & Chief Services Officer | Oct 2012 – Jul 2013 | Services leadership . |
| Aflac | EVP & Chief Administrative Officer | Mar 2008 – Oct 2012 | Administrative leadership . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Synovus Financial Corporation (NYSE) | Director | Current | Public company directorship; specific committee roles not disclosed in LSTR proxy . |
| Georgia Chamber Board of Governors | Board/Non-profit | Prior service | Industry/community leadership . |
| NeighborWorks Columbus | Board/Non-profit | Prior service | Community impact . |
| America’s Health Insurance Plans (AHIP) | Board/Professional org | Prior service | Industry policy/advocacy . |
Board Governance
- Independence: Classified as an “independent director” under NASDAQ Rule 5605(a)(2) and Item 407(a) of Regulation S-K; participates in regular executive sessions of independent directors (six sessions in FY2024) .
- Attendance: Board met nine times in FY2024; each current director, including White, attended ≥75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting .
- Committee assignments (member roles unless noted):
- Audit Committee (Chair: Anthony J. Orlando) – member .
- Compensation Committee (Chair: David G. Bannister) – member .
- Nominating & ESG Committee (Chair: Diana M. Murphy) – member .
- Safety & Risk Committee (Chair: Homaira Akbari) – member .
- Strategic Planning Committee (Chair: George P. Scanlon) – member .
- Board leadership and structure: Non-executive Chair model (Chair: Diana M. Murphy); all key committees (Audit, Compensation, Nominating & ESG) composed solely of independent directors; declassified board beginning with 2025 annual meeting (annual elections) .
Fixed Compensation
| Component (FY2024) | Amount |
|---|---|
| Annual cash retainer | $100,000 . |
| Equity retainer (restricted shares; 830 shares on May 8, 2024 at $180.70 FMV) | $149,981 . |
| Dividends on unvested restricted stock | $2,580 . |
| Total | $252,561 . |
- Director equity plan/vesting: Equity grant equal to $150,000 divided by share FMV, issued as restricted stock on first business day after the annual meeting; vests at the next annual meeting; unvested shares generally forfeit upon early departure before the next annual meeting .
- No meeting fees or committee chair fees for FY2024 (only non-exec Chair receives an additional $50,000) .
Performance Compensation
| Performance-linked element | Metrics | Notes |
|---|---|---|
| None (Director equity is time-based RS) | N/A | Annual director equity is time-vested restricted stock that vests at the next annual meeting; no performance metrics apply . |
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Current public company board(s) | Synovus Financial Corporation (NYSE) – Director . |
| Compensation committee interlocks | None: Company discloses no interlocks/insider participation; all Compensation Committee members are independent and none are or have been employees . |
Expertise & Qualifications
- Public company executive experience (operational and strategic leadership) .
- Financial/accounting experience supporting oversight of financial reporting and controls .
- Industry/operational experience relevant to logistics network operations and distribution models .
- Public policy and regulation perspective from insurance/financial services background .
- Information technology and cybersecurity familiarity .
- Communications and brand management, sales and marketing leadership .
- Risk management and insurance expertise .
Equity Ownership
| Ownership detail (as of dates noted) | Amount |
|---|---|
| Total beneficial ownership (Mar 21, 2025) | 2,790 shares; <1% of outstanding . |
| Unvested restricted shares outstanding (Dec 28, 2024) | 830 shares (from May 8, 2024 grant) . |
| Stock ownership guidelines | Directors recommended to own ≥5× annual cash fee within five years of initial election . |
| Compliance window | White joined Board in March 2022; within five-year guideline period . |
| Hedging/pledging policy | Hedging and pledging of Company stock by directors prohibited . |
Governance Assessment
- Positives:
- Fully independent director with broad committee exposure (member of Audit, Compensation, Nominating & ESG, Safety & Risk, Strategic Planning), indicating high engagement and influence across oversight areas .
- Strong attendance and participation metrics for FY2024 and annual meeting attendance; independent executive sessions held regularly, supporting effective oversight .
- Clear director ownership expectations (5× cash retainer within five years) and prohibition on hedging/pledging, aligning directors with shareholders and reducing misalignment risk .
- Board structure/refresh: non-executive Chair; all key committees independent; declassification to annual elections beginning 2025 enhances accountability .
- Shareholder support for pay practices remained high (say-on-pay ~96% approval at 2024 annual meeting), a positive signal for governance credibility with investors .
- Watch items (not red flags):
- Director equity is purely time-based (no performance conditions), which is standard for directors but offers limited performance alignment versus PSU structures; mitigated by ownership guidelines and annual elections .
- External public company directorship (Synovus) adds breadth but should be monitored for any potential business intersections; no interlocks disclosed and no related-party transactions identified in proxy sections cited .
No red flags identified regarding independence, attendance, interlocks, or pledging/hedging based on the 2025 proxy disclosures .