ArcBest Corp. CEO Judy McReynolds made $1.61 million in 2016, almost 30 percent less than the $2.26 million she made in 2015, the company reported in its annual proxy statement filed with the U.S. Securities & Exchange Commission.
In 2016, McReynolds earned $660,000 in salary, up slightly from $642,500 the year before; $421,654 in non-equity incentive plan compensation, down from $1 million in 2015; and $461,241 in stock awards, down from $543,915 in 2015.
ArcBest announced in the proxy that it annual shareholders meeting will be held at 8 a.m. May 2 at the corporate headquarters in Fort Smith. The agenda includes re-electing directors, reappointing Ernst & Young LLP as outside auditor and a vote on executive compensation.
Other executive compensation packages disclosed in the proxy:
- ABF Logistics President Jim Ingram earned $767,249 in 2016, which was $260,469 less than he made in 2015. Ingram earned $355,000 in salary, $192,572 in stock awards and $176,015 in incentives.
- ABF Freight President Tim Thorne earned $853,545 in 2016, $171,684 less than he received in 2015. Those earnings included $400,000 in salary, $217,420 in stock awards and $181,720 in incentives.
- Senior Vice President J. Lavon Morton, who retired on Dec. 31 after 20 years with the company, earned $715,206. His compensation included $340,000 in salary, $178,595 in stock awards and $155,783 in incentives. Morton made $959,226 in 2015.
- Vice President and CFO David Cobb earned $605,671 in 2016, including $315,000 in salary, $152,194 in stock awards and $124,086 in incentives. Cobb made $783,627 in 2015.
ArcBest announced in early December that it would replace Morton with two people: Laura Bogner, president of internal audit, and Cheryl Harper, vice president of tax.
In the proxy, the company also said it hired Morton as a consultant for one year to ensure a smooth transition. He’ll be paid $60,000 in 2017.
At the annual meeting, there will be are nine directors up for re-election to one-year terms, compared to 10 a year ago.
Director John H. Morris, who was a general partner with private equity firm Kelso & Co. and had served on the ArcBest board for 28 years, stepped down in October and two new directors were appointed. That change brought the board from 10 to 11 members.
But at the conclusion of the meeting, directors Fred Allardyce and John Alden will retire from the board, the company said.
ArcBest (Nasdaq: ARCB), of Fort Smith, reported income of $18.7 million in 2016, less than half the $44.9 million it reported in 2015. The company announced a restructuring plan in November, as income declined and revenue rose in the third quarter of 2016.
Income also declined in the fourth quarter of last year compared to the same period of 2015, and ArcBest said it was affected by $10.3 million in expenses related to that plan.
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