ArcBest Corp. President and CEO Judy McReynolds made nearly $4.2 million in total compensation in fiscal year 2020, a jump from the $2.4 million she made in 2019, according to the annual proxy statement the company filed with the U.S. Securities & Exchange Commission.
The compensation bump was a result of the company's incentive plan, which paid an annual incentive and a three-year incentive in January. In 2018, when McReynolds also received double bonuses, her compensation was slightly less than $4.1 million.
ArcBest in Fort Smith reported income of $71.1 million in 2020, up from $39.99 million in 2019. Fiscal income for 2018 was $67.3 million.
McReynolds, who is also chairman of the board of directors, earned $800,000 in base salary in 2020, up from $744,471 in 2019. McReynolds annual incentive plan paid nearly $1.6 million and the multi-year incentive was $938,080.
ArcBest reported that McReynolds' CEO compensation was a 46.23 ratio to the median employee's income of $90,310, which represents a steep increase from a year ago when McReynolds' compensation was a 15.8 ratio; McReynolds' compensation was lower and the median employee's income was $153,395 a year ago.
The company reported 12,686 employees in the U.S. as of Oct. 1. A year ago, the company employed 13,768.
Other executive compensation packages disclosed in the proxy were:
- Tim Thorne, president of ABF Freight, received total compensation of more than $1.9 million, up from $1.23 million. Thorne, who will retire in June, received a salary of $468,425, up from $456,750, and his incentive plan payments were more than $1 million, up from $379,316.
- David Cobb, ArcBest CFO, received total compensation of more than $1.7 million, up from slightly less than $1.1 million. Cobb’s salary was $430,500, up from $420,027, and his incentive payments were more than $960,000, up from $354,589.
- Michael Newcity, CIO and ArcBest Technologies president, received total compensation of more than $1.47 million, up from $949,102. Newcity’s salary was $391,550, up from $381,913, and his incentive payments were $808,672, up from $302,902.
- James Ingram, COO, received total compensation of $1.46 million, up from $955,050. Ingram’s salary was $383,350, up from $374,423, and his incentive plan payments were $803,082, up from $307,574.
ArcBest said its annual shareholders meeting would be held virtually at 8 a.m. April 29. The agenda includes re-electing nine directors, reappointing Ernst & Young LLP as outside auditor, an advisory vote on executive compensation and a vote on an amendment to the ownership incentive plan.