by Marty Cook
Posted 6/5/2014 09:19 am
Updated 2 months ago
Franklin McLarty has been named to the board of directors for P.A.M. Transportation Services Inc. of Tontitown, the trucking company announced Thursday.
McLarty was named to the board at the company’s shareholders meeting May 29 in the Detroit suburb of Warren, Mich. Warren is the home of CenTra Inc., a holding company controlled by P.A.M.’s majority shareholders, the Moroun family.
CEO Daniel Cushman and CFO Allen West had their annual salaries raised after a shareholders vote, according to a SEC filing by the company Wednesday. Cushman’s pay will go from $447,000 to $475,000 and West’s will go from $173,486 to $250,000.
A proposal to buyback 500,000 shares of P.A.M. outstanding shares was also approved. The company has bought back approximately 3.4 million shares since 2005, including 675,000 in a “Dutch auction” earlier this year.
McLarty is president and CEO of RML Automotive and senior vice president and board member for the McLarty Cos. He will sit on the P.A.M. board's audit committee. His addition brings the number of P.A.M. (Nasdaq: PTSI) board members to eight.
"Franklin brings a wealth of financial and transportation-related experience to P.A.M.'s board," said Matthew T. Moroun, chairman of the P.A.M. board. "He will provide tremendous insight and a new perspective. We are pleased to have him."
Directors of P.A.M. - those that aren't members of the controlling Moroun family - were paid between $16,000 and $33,900 in cash in 2013, plus stock options valued at $25,635. Chairman Matthew T. Moroun was paid $107,200 in cash plus the stock options, and his father, Manuael J. Moroun, was paid $23,600 for board service and an additional $100,000 for consulting services.
McLarty is a former chairman of the Arkansas Economic Development Commission and serves on the boards of the Little Rock Regional Chamber of Commerce, Little Rock Film Festival and Fifty for the Future. In addition, he serves on the advisory board of the Seaway Group, a hotel company based in Miami.