John Pigott
About John M. Pigott
John M. Pigott (age 61) is a long-tenured PACCAR director (since 2009) with deep manufacturing and operations experience, including 12 years at PACCAR and five years as a senior manager of truck operations in the U.K. and U.S. He holds an engineering degree from Stanford and an MBA from UCLA, and is a substantial long-term stockholder in the company. Notably, he is the brother of Executive Chairman Mark C. Pigott, which affects independence status under listing rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PACCAR | Senior manager, truck operations (UK & US) | 12 years (dates not specified) | Manufacturing/operations leadership |
| Beta Business Ventures, LLC | Partner | Since 2003 (including predecessor Beta Capital Group, LLC) | Natural resources investment focus |
External Roles
| Organization | Role | Since | Public/Private |
|---|---|---|---|
| ChemChamp North America | Director | 2024 | Not identified as public in proxy |
Board Governance
- Independence: PACCAR’s board determined director independence per Nasdaq Rule 5605; John M. Pigott is not listed among independent directors (family relationship with Executive Chairman) .
- Committees: Executive Committee member (with Mark C. Pigott and Mark A. Schulz); not a chair of standing committees .
- Attendance: Board met four times in 2024; each member attended at least 75% of combined Board and committee meetings; all directors attended the April 2024 annual meeting .
- Board structure: Separate Executive Chairman and CEO with a Lead Independent Director; 75% of nominees are independent; regular executive sessions of independent directors .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $128,750 | 2024 non-employee director compensation line item |
| All Other Compensation | $5,000 | PACCAR Foundation donation designations |
| Annual Board Retainer (policy) | $140,000 | Effective Oct 1, 2024; paid quarterly |
| Committee Member Retainers (policy) | Audit: $20,000; Compensation: $15,000; Nominating: $15,000 | Paid quarterly; chairs: Audit $25,000; Comp/Nom $17,500 |
| Lead Director Retainer (policy) | $40,000 | Effective Oct 1, 2024; paid quarterly |
Notes: The proxy states some directors (including John M. Pigott) elected to defer fees into stock units under the Restricted Stock and Deferred Compensation Plan for Non-Employee Directors (RSDC Plan) .
Performance Compensation
| Equity Award | Grant Date | Grant-Date Fair Value (USD) | Unvested as of 12/31/2024 | Performance Metrics |
|---|---|---|---|---|
| RSU/Restricted Stock (annual) | Jan 2, 2024 | $165,010 | 7,017 RSUs | No director-specific performance metrics disclosed; awards characterized as RSU/restricted stock retainer |
The director compensation table and footnotes reflect equity retainer grants as RSU/restricted stock; no option or PSU awards are reported for non-employee directors in 2024 .
Other Directorships & Interlocks
| Relationship | Detail | Governance Implication |
|---|---|---|
| Family relationship | Brother of Executive Chairman Mark C. Pigott | Independence impairment under listing standards; potential conflict risk requiring ongoing board-level oversight |
Expertise & Qualifications
- Education: Engineering degree (Stanford); MBA (UCLA) .
- Domain experience: Manufacturing and operations; global truck operations management .
- Investor alignment: Substantial long-term PACCAR stockholder .
Equity Ownership
| Category | Shares/Units | Percent of Class | Notes |
|---|---|---|---|
| Beneficial ownership (common stock) | 3,485,681 | * | “*” denotes not exceeding 1%; includes holdings where beneficial ownership may be disclaimed for spouse/children |
| Deferred stock units (RSDC Plan) | 70,786 | — | DSUs without voting rights, settled in shares at distribution |
| Unvested RSUs (12/31/2024) | 7,017 | — | From 2024 annual equity award |
Policy signals: Corporate Governance Guidelines prohibit hedging or pledging of PACCAR stock by directors and executive officers—reduces alignment risk from collateralization .
Governance Assessment
- Strengths: Deep PACCAR operating experience; significant personal share ownership; consistent meeting attendance; participation on Executive Committee; alignment reinforced by equity retainer and anti-hedging/pledging policy .
- Risks/Red Flags: Not independent due to immediate family relationship with Executive Chairman; potential perception of influence and interlock within Executive Committee; requires robust Lead Independent Director and committee oversight to mitigate governance conflicts .
- Compensation structure: Director pay is standard (cash retainer plus RSU retainer); no unusual perquisites or options; use of charitable match is modest; equity grants appear time-based without disclosed performance conditions, typical for directors .
- Attendance and engagement: Meets PACCAR’s attendance expectations; board conducts regular executive sessions led by independent leadership, providing an offset to independence concerns .