PAM CEO's Compensation Up Slightly in 2022

PAM CEO's Compensation Up Slightly in 2022
Joe Vitiritto, CEO of PAM Transport Inc. of Tontitown (PAM Transport)

Joe Vitiritto earned slightly more than $1.6 million in total compensation in 2022 as CEO of PAM Transport Inc. of Tontitown, according to a proxy filed by the company with the U.S. Securities & Exchange Commission on Thursday.

Vitiritto’s compensation was up from the $1.49 million he had earned the previous year. Vitiritto has led the transportation company since his hiring in August 2020.

Vitiritto’s compensation included a base salary of $577,670, up from $590,440. He received $337,172 in stock awards after receiving none the year before, and he received $549,198 in incentive plan compensation, up from $505,674.

The company said Vitiritto’s 2023 salary would be $610,220.

CFO Allen West received total compensation of $919,710 in 2022, up from $832,273 in 2021. West, who joined the company in 1997 and was named CFO in 2013, announced he was resigning March 8; the company said Lance Stewart would serve as interim CFO while West remained a consultant until June 8.

West’s 2022 compensation included a base salary of $414,230, stock awards of $144,879 and $290,290 in incentive plan compensation.

PAM reported that it had paid more than $26 million in 2022 for real estate leases, parts and maintenance and liability insurance to companies owned or controlled by Chairman Matthew Moroun. Moroun controls 71.97% of PAM stock and earned compensation of $131,250 as a member of the board of directors in 2022.

PAM received slightly more than $1.9 million from Moroun’s companies.

PAM announced its annual shareholders meeting would be at 11 a.m. April 27 in Warren, Michigan. The agenda includes the election of nine board members and the reappointment of Grant Thornton LLP as the company’s independent auditor.

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