Xata (XATA) named Jay Coughlan chairman and CEO, replacing Craig Fawcett.
The Minneapolis truck management-software company said Coughlan was CEO at
. Fawcett previously said he would leave to join
"With his impressive 18-year career at Lawson and history of proven leadership during Lawson's high growth period, Jay brings the skills we need to continue to execute our strategy," said Fawcett. "Jay's strong business skills, management ability and tremendous energy will enable him to further advance our leadership position in fleet management solutions."
The offer of employment accepted by Coughlan includes: a 5-year fair market value option to purchase 300,000 shares of Xata common stock, 300,000 shares of restricted stock vesting over a period ending in 2012, and an additional number of shares of restricted stock up to $500,000 in value to match the number of shares purchased by Coughlan from Xata at the inception of his employment. These matching restricted shares will vest one year after the date of issuance.