Posted 3/12/2012 04:16 pm
Updated 3 years ago
Executives at Little Rock's Bank of the Ozarks reaped the rewards of a 58.3 percent jump in profits during 2011.
George Gleason, chairman and chief executive officer, led the way with a $169,096 raise in his base salary, an 18.9 percent increase. His overall compensation for the year grew by 20 percent to more than $2.6 million.
The biggest percentage gain in total compensation was enjoyed by Tyler Vance, who was promoted to chief banking officer in May, a 61.6 percent boost to $471,048. Vance received salary of $210,000 in 2011, up from $173,462 in 2010, when he was executive vice president
The biggest item of change for Vance and the other three members of the executive team was restricted stock awards. His grew by $105,523.
Greg McKinney, chief financial officer, registered a 43 percent increase in overall compensation to $554,936. His salary grew 9.9 percent to $290,000. His restricted stock awards also grew by $105,523.
Total compensation for Mark Ross, chief operating officer, increased by 21 percent to $581,034. His annual salary improved 5.5 percent to $300,000, and restricted stock awards grew by $71,620.
Total compensation for Darrel Russell, who was promoted to chief credit officer in May, increased by 16.2 percent to $335,906. His salary was $215,000, up from $203,462 in 2010, when he was president of the bank's central Arkansas division, and his restricted stock awards grew by $25,851.
Information in the proxy included the four largest shareholders of record, deemed to be beneficial owners of stock:
- Gleason, 58, chairman and CEO, 13 percent worth $137 million
- The Vanguard Group Inc. of Malvern, Pa., 6.5 percent worth $68.1 million
- BlackRock Inc. of New York, 6.4 percent worth $66.9 million
- Prudential Financial Inc. of Newark, N.J., 6.2 percent worth $62.5 million
Bank of the Ozarks will hold its annual shareholders meeting at 1 p.m. April 17 at its Little Rock corporate headquarters at 17901 Chenal Parkway. Shareholders are asked to vote on three items:
- To elect 13 directors. The list includes three new nominees: Nicholas Brown, 53, president and CEO of Southwest Power Pool of Little Rock; John Reynolds, 47, a pathologist and laboratory director for Memorial Hospital in Bainbridge, Ga.; and Sherece West, 46, president and CEO of the Winthrop Rockefeller Foundation.
- To ratify the audit committee's selection and appointment of the accounting firm of Crowe Horwath LLP of Oak Brook, Ill., as independent auditors for 2012. The company has performed this duty since 2006.
- To hold an advisory, non-binding vote to approve the company's executive compensation.
In addition to Gleason, Ross, Brown, Reynolds and West, other proposed directors include Jean Arehart, 71, senior lending officer and director since 2002; Richard Cisne, 61, founding partner of the Little Rock accounting firm of Hudson Cisne & Co. and a director since 2004; Robert East, 64, chairman and CEO of the Little Rock general contracting firm of East-Harding Inc. and a director since 1997; Linda Gleason, 57, deputy CEO and assistant secretary of Bank of the Ozarks, wife of George Gleason and a director since 1987; Henry Mariani, 73, chairman of NLC Products Inc. of Little Rock and director since 1997; Robert Proost, 74, a retired A.G. Edwards executive and a director since 2011; R.L. Qualls, 78, retired president of Baldor Electric Co. of Fort Smith and a director since 1997; and Kennith Smith, 80, retired owner of Smith Cattle Farm and Mulberry Lumber Co. and a director since 1997.