New PAM CEO Earned Nearly $2M in 2020

New PAM CEO Earned Nearly $2M in 2020

Joe Vitiritto earned slightly more than $1.9 million in his first half year as CEO of PAM Transportation Inc. of Tontitown, according to a proxy filed by the company with the U.S. Securities & Exchange Commission.

Vitiritto, 50, started Aug. 18, replacing interim CEO Matthew Moroun, who is the company's chairman of the board. Moroun had taken the position on an interim basis after longtime CEO Dan Cushman retired May 1.

Vitiritto's salary was $530,036 for the year, which was pro-rated to $183,474. He also received a $328,500 bonus and more than $1.4 million in stock awards.

Cushman earned total compensation of $546,471, down from the nearly $1.2 million he made in his last full year as CEO in 2019. Cushman earned $428,085 in salary and received $112,900 in stock awards.

CFO Allen West earned total compensation of $818,693 in 2020, an increase from the $532,858 he made in 2019. West's salary was $366,754, up from $347,620, but he received $241,948 in stock awards and a $206,786 bonus.

Moroun, who owns or controls 68.22% of the company stock, was listed as a paid executive because of his short tenure as interim CEO. He received $115,025, of which $105,000 was his retainer as the chairman of the board of directors.

The proxy also reported that PAM had paid subsidiaries of CenTra and Oakland Financial Corp, also controlled by the Moroun Family, more than $14.7 million in 2020 for real estate leases, parts and maintenance and liability insurance. PAM received $9 million from CenTra for services in 2020.

PAM also announced its annual shareholders meeting would be at 11 a.m. May 5 in Laredo, Texas. The agenda includes the election of its nine directors to the board and the reappointment of Grant Thornton LLP as the company’s independent auditor.