Murphy USA Files First Proxy; CEO Andrew Clyde Makes $4.15M

by Luke Jones  on Friday, Mar. 21, 2014 12:15 pm  

Andrew Clyde

Murphy USA Inc. of El Dorado filed its first proxy statement with the U.S. Securities Exchange Commission on Friday, showing CEO Andrew Clyde received $4.15 million in compensation during the company's first year.

The fuel retailer, whose kiosks are mostly at Wal-Mart Supercenters, spun off from parent company Murphy Oil Corp. of El Dorado in August.

Much of the company's executive team came from Murphy Oil. But Clyde was hired specifically for the job.

Clyde's compensation included the $420,417 he had made so far on his $750,000 salary, including a one-time $107,917 sign-on bonus and a another $42,750 bonus for "exemplary performance" throughout the spinoff.

It also included $2.56 million in stocks and options, $1.05 million from a non-equity incentive plan and $78,547 in other compensation.

Compensation for the other named executive officers — all of whom were employed by Murphy Oil Corp. before the spinoff — were as follows.

  • EVP, CFO and treasurer Mindy West received total compensation of $3.97 million, up from $2 million in 2012. She also made $584,000 from exercising stock options.
  • EVP of marketing John Rudolf received total compensation of $1.08 million, up from $453,886 in 2012.
  • SVP, general counsel and corporate secretary John Moore received total compensation of $1.43 million, up from $1.2 million in 2012. He also made $68,375 from exercising stock options.
  • SVP of retail operations Jeffrey Goodwin received total compensation of $933,320, up from $487,364 in 2012. He also made $252,499 from exercising stock options.

Beneficial Owners and Annual Meeting

The proxy also included a list of all persons or corporations in possession of 5 percent or more of Murphy USA's common stock. The four named are considered to be beneficial owners.

  • FMR LLC of Boston, 6.61 million shares, or 14.2 percent.
  • BlackRock Inc. of New York, 5.62 million shares, or 12 percent.
  • The Vanguard Group of Malvern, Penn., 2.54 million shares, or 5.4 percent.
  • Capital World Investors of Los Angeles, 2.37 million shares, or 5.1 percent.

The company announced its annual shareholders' meeting will take place at 2 p.m., May 7, at the El Dorado Conference Center.

These items were listed for consideration at the meeting:

  • Re-elect three directors with terms expiring this year.
  • Vote on an advisory (non-binding) resolution for executive compensation.
  • Vote on an advisory resolution for how often stockholders should approve executive compensation. The board is recommending a vote on approving compensation each year.
  • Approve performance criteria for Murphy USA's long-term and annual incentive plans.
  • Ratify appointment of KPMG LLP as the company's independent registered public accountant.



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