For the second consecutive year, the two top executives at America’s Car-Mart of Bentonville did not receive cash incentive bonuses, according to a proxy statement filed Tuesday by the company.
CEO Hank Henderson and CFO Jeff Williams did not receive bonuses after a 2014 fiscal year that saw the company’s revenue drop 34 percent to $21.1 million. Car-Mart’s fortunes rebounded in fiscal 2015, which ended April 30, 2015, with a nearly 40 percent increase in income to $29.5 million while revenue increase 8.4 percent to $530.3 million.
Henderson and Williams each received raises in their salaries. Henderson’s salary went from $440,000 to $451,169, while Williams’ increased from $346,500 to $355,296.
Henderson and Williams each received other compensation, which included retirement and insurance benefits, club dues and Christmas bonuses. Henderson received a total of $50,627 and Williams $29,419.
Henderson deferred $229,985 of his 2015 salary under the company’s deferred compensation plan.
Both Henderson and Williams exercised stock options during the fiscal year. Henderson realized a little more than $1.3 million and Williams $470,550 from exercised stock options.
Car-Mart also announced its annual shareholders meeting would be at 10 a.m. August 5 at company’s headquarters in Bentonville.
Among the items on the agenda is the re-election of seven board of directors, the ratification of Grant Thornton LLP as company accountant and approval of amendments to the company’s stock incentive plan and stock option plan.
The proxy statement also revealed that the company’s two top shareholders had increased their stakes for the second consecutive year. Invesco Ltd. of Atlanta now owns 20.2 percent of America’s Car-Mart; two years ago Invesco owned 10 percent before increasing its stake to 17.6 percent last year.
Bares Capital Management Inc. of Austin, Texas, increased its stake from 10.9 percent in 2014 to 14.2 percent this year.
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