ArcBest Corp. CEO Judy McReynolds made more than $6.4 million in total compensation in 2022, according to a proxy statement the Fort Smith company filed with the U.S. Securities & Exchange Commission.
The total is an increase from 2021 when McReynolds, who is also the president of the company and the chair of the board of directors, made slightly more than $6 million. McReynolds’ 2022 compensation included a salary of $848,720, up from $824,000 in 2021.
McReynolds received $1.23 million in stock awards, up from $990,774, and $4.3 million from the company’s incentive plan, up from $4.1 million a year ago.
McReynolds’ compensation was more than 72 times the median employee’s income of $88,210. The company said it gave its qualified union employees $16.2 million in profit-sharing bonuses in 2022.
ArcBest (Nasdaq: ARCB) reported record revenue of $5.3 billion in 2022, up 33% from the previous year. The company’s asset-light division reported fiscal revenue of $2.1 billion, up from $1.3 billion in 2021.
The asset-light division received a boost from the $235 million acquisition of MoLo Solutions of Chicago in November 2021. MoLo CEO Andrew Silver said in a LinkedIn post Wednesday that he and MoLo founder and chief operating officer Matt Vogrich had been fired by ArcBest.
“This morning I was informed that I was terminated from my position,” Silver’s post read. “My partner, and the best person I’ve ever worked with, Matt Vogrich, was also terminated.
“This came as a surprise so I was not able to communicate with our team at all.”
In a statement, ArcBest confirmed that Silver and Vogrich were no longer with the company and credited them with “building MoLo into a best-in-class truckload provider.”
“We are focused on growing — our strategy is strong and our truckload solution plays a significant role in our industry-leading portfolio of solutions,” the statement says. “We are committed to providing our customers with best-in-class service and confident in our team to deliver every day for our customers.”
The dismissals of Silver and Vogrich weren’t the only shakeups in the executive leadership team at ArcBest. The company did not announce any of the moves or respond to requests for comment, but its website showed the following changes:
- Steven Leonard, previously the company’s chief sales officer, now holds the titles of chief commercial officer and president of its asset-light division
- Daniel Loe, previously asset-light president, will remain as chief yield officer
- Dennis Anderson, previously the chief customer officer, is listed now as the company’s chief strategy officer
According to the proxy statement, other named executives and their compensation are:
- David Cobb, the CFO who announced he would retire in October 2023, received total compensation of slightly more than $2.6 million, up approximately $18,000 from a year ago. Cobb’s salary was $489,250, up from $475,000, and he received $1.7 million in incentive plan compensation and $391,900 in stock awards.
- Michael Newcity, chief innovation officer and president of ArcBest Technologies, received total compensation of slightly more than $2 million, up $30,000 from a year ago. Newcity’s salary was $415,396, and he received $1.33 million in incentive plan compensation and $266,492 in stock awards.
- Seth Runser, the president of ABF Freight, received total compensation of $1.98 million in his first year as a named executive officer. Runsen’s salary was $437,750 and he received $1.2 million in incentive plan compensation and $321,492 in stock awards.
- Loe, chief yield officer, received total compensation of $1.9 million in his first year as a named executive officer. Loe’s salary was $413,751, and he received $1.2 million from the incentive plan and $266,492 in stock awards.
- Anderson, as chief customer officer, received total compensation of $1.9 million, down $21,000 from a year ago. Anderson’s salary was $413,751, and he received $1.2 million from the incentive plan and $266,492 in stock awards.
ArcBest said its annual shareholders meeting would be held at 8 a.m. on April 26 at the company’s headquarters in Fort Smith. The agenda includes electing nine directors and reappointing Ernst & Young LLP as the company’s independent auditor.