Bill Hanna, president of Hanna Oil & Gas Co. of Fort Smith, stepped down from the board of directors of USA Truck Inc. of Van Buren on Oct. 27, the company announced.
USA Truck also announced that Tom Glaser would remain on the company’s board but would no longer be vice chairman because the title had been eliminated. USA Truck said Glaser would continue to receive the “standard director compensation package,” which was $35,000 cash and $40,000 in equity according to a statement the company filed with the Securities & Exchange Commission in April.
Glaser was awarded $40,000 in cash and $60,000 in equity when he was named vice chairman in January. Glaser served as interim CEO from July 2015 to January before USA Truck hired Randy Rogers as CEO.
Glaser had been appointed to the board of directors in May 2014.
USA Truck did not name a replacement for Hanna, who served as a director since 2005. The company said Hanna’s retirement “does not relate to any disagreement with the company on any matter relating to the company’s operations, policies or practices.”
USA Truck listed Hanna’s age at 55 in its April proxy statement and his director tenure was scheduled to expire in 2017. Hanna’s departure reduced USA Truck’s board to seven directors and Chairman Bob Peiser.
Hanna’s retirement is another departure from the USA Truck board in the last year. Richard Beauchamp and James Simpson also stepped down and were replaced by Susan Chambers and retired Air Force Maj. Gen. Barbara Faulkenberry this year.
Vadim Perelman, the managing partner of Baker Street Capital Management, was appointed to the board in May 2014 after his firm purchased 1.4 million shares of USA Truck stock. Perelman resigned after selling the shares in May 2015.
Former director John Simone died in March 2016 from lung cancer after serving as CEO from 2013 until he took a leave of absence in April 2015.
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