by Marty Cook
Posted 4/28/2014 09:57 am
Updated 8 months ago
John Simone received total compensation topping $1 million in his first year as chief executive officer of USA Truck Inc. of Van Buren, according to the company’s proxy filing with the Securities & Exchange Commission.
USA Truck reported a loss of $9.1 million in 2013, the fifth consecutive annual net loss, but revenue improved to $555 million in 2013 from $512 million 2012 and the company's stock price has improved dramatically since September.
Simone earned $402,507 in salary last year, more than $569,000 in stock awards and options, and a bonus of $50,000 for a total of $1.02 million.
The company also reported that Simone received another $265,000 bonus on April 11 as part of USA Truck’s retention bonus plan adopted in October when it was fighting off a takeover attempt by Knight Transportation of Phoenix.
Former CEO Cliff Beckham, now the company’s CFO, received $349,999 in total compensation, of which $312,500 was salary. That’s a decrease from his salary-only income of $383,201 in 2012, when he was CEO. Beckham returned to his previous job as CFO in February 2013 to make room at the top for Simone.
Executive Vice President Michael Weindel Jr. received total compensation of $237,503 in 2013, an increase from $222,085 in 2012. Weindel's salary actually decreased by $6,000 to $215,004 in 2013, but he more than made up for that in stock awards valued at $21,499. He had received no stock awards in 2012.
Beckham received $75,000 and Weindel $53,751 as part of the retention bonus plan earlier this month.
USA Truck will hold its annual shareholders meeting at 10 a.m. May 23 at its headquarters in Van Buren.