Posted 4/5/2012 12:43 pm
Updated 2 years ago
Executives of USA Truck Inc. of Van Buren saw compensation rise in 2011, according to the company's annual proxy statement filed with the U.S. Securities and Exchange Commission.
The company also set the the date for its annual meeting for 10 a.m. May 2 at company headquarters in Van Buren.
Shareholders will vote on re-electing to the trucking company's board three nominees seeking three-year terms: Clifton R. Beckham, CEO of the company since 2007; Terry A. Elliott, chairman of USA Truck's Audit Committee since 2003 and former chief financial officer of Safe Foods Corp. of North Little Rock; and Richard B. Beauchamp, a partner of the Norris Taylor & Co. accounting firm in Fort Smith.
In addition, shareholders will give advisory approval to USA Truck's executive compensation.
Only holders of record of USA Truck's common stock at the close of business on March 5 are entitled to vote.
The company's proxy statement revealed pay increases for the top executives:
- Beckham's total compensation in 2011 increased to $353,561, compared with 2010's total compensation of $293,770.
- The 2011 total compensation of Michael R. Weindel Jr., executive VP and COO for the company's SCS and Intermodal divisions, rose to $236,600 in 2011 compared with $219,213 in 2010.
- The 2011 compensation package of Darron R. Ming, executive vice president and chief financial officer, increased to $233,140 compared with $216,991 in 2010.
- J. Rodney Mills' 2011 compensation was $231,709. In 2010, before he became an executive officer, his salary was $182,460. Mills has been EVP, chief administrative officer and general counsel of USA Truck since July 2011.
- Craig S. Shelly, an executive vice president and chief strategy officer whose employment with the company was terminated in October, received a compensation package of $255,705 in 2011, which included a lump sum severance payment.
The enhanced compensation for USA Truck's executives came despite a disappointing earnings year in 2011. Although total revenue rose to $519.4 million compared with $460.1 million in 2010, the company posted a net loss of $10.8 million last year compared with a net loss of $3.3 million in 2010.
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