USA Truck Inc. of Van Buren reported that CEO James Reed earned more than $1.6 million in compensation in fiscal 2018.
The amount is a big boost from the $1.04 million Reed earned in 2017. Reed's 2018 pay showed increases in his base salary, stock options and incentive plan awards.
Reed's salary jumped to $456,250 in 2018, up from $393,205 in 2017, according to a proxy statement the company filed with the U.S. Securities and Exchange Commission. The company said Reed's base salary for 2019 would increase to $500,000 beginning April 1.
Reed earned $750,000 in stock options in 2018, up from slightly less than $352,000 the previous year. He made $436,000 in incentive plan awards, up from $184,000 a year ago.
USA Truck reported that Reed's CEO compensation was a 39.5-to-1 ratio to the median employee's income of $41,677.
In February, USA Truck reported revenue of $534.1 million in 2018, up from $446.5 million in 2017. The company reported income of $12.2 million, up from $7.5 million.
Other named executives and their compensation:
Jason Bates, CFO, earned total compensation of $1.3 million, up from $970,000 the previous year. His compensation included a base salary of $315,000, which USA Truck said would be bumped to $330,000 in 2019, and stock options worth $582,000.
Timothy Guin, who joined the company as chief commercial officer in April 2018, earned compensation of $1.05 million, which included a signing bonus of $300,000, nearly $400,000 in stock options and $137,000 in incentive plan awards. The company said his 2019 base salary would be raised from $300,000 to $310,000.
George Henry, who became senior vice president in charge of the logistics division in March 2018, earned compensation of $537,000, which included nearly $174,000 in salary — which the company said would be raised to $240,000 for fiscal 2019 — and $168,000 in stock options and $107,000 in incentive awards.
James Craig, who retired as logistics head and chief commercial officer in May 2018, earned compensation of $866,000, down slightly from $882,000 the previous year. Craig received a $365,000 severance package.
Werner Hugo, who resigned as the head of the trucking division in March 2019, received total compensation of $790,000 in 2018, up from $582,000 the previous year. The compensation included base salary of $269,000, up from $153,000, stock options of $326,000 and incentive awards of $189,000.
The company said Hugo received severance pay of his 2018 base salary of $275,000 to be paid over a year. Hugo forfeited 48,388 preferred shares and 13,129 stock options when he left the company.
USA Truck announced its shareholders meeting would be held at 8 a.m. May 8 in New York City. The agenda includes re-electing three directors, reappointing Grant Thornton LLP as independent accountant, an advisory vote on executive compensation and a vote on an amendment to the company's incentive plan.