USA Truck Inc. of Van Buren paid more than $4.2 million to former executives in 2015, according to a proxy statement the company filed with the Securities & Exchange Commission.
The highest paid executive still at USA Truck was Martin Tewari, whom the company appointed president of Trucking in September; he earned $875,689 in total compensation for the last three months of the year.
Tewari received $68,850 in a prorated portion of this $275,000 salary and $100,000 signing bonus, as well as $597,413 in stock awards and $100,000 in incentive plan bonus.
John Simone, who served as CEO from February 2013 until his resignation for health reasons in July, was paid nearly $1.9 million in total compensation. Simone, 54, died of lung cancer March 24 in Fernandina Beach, Florida.
USA Truck reported income of $11.1 million in 2015 on revenue of $507.9 million. The income was an improvement from the $6.3 million USA Truck reported in 2014, but revenue was down from $602 million. Before Simone’s appointment, USA Truck reported five consecutive years of losses.
Simone’s compensation included $247,930 in salary, $913,777 in stock awards and options and $492,158 in compensation as part of his severance package and $243,803 in incentive plan bonus. Simone earned nearly $1.4 million in total compensation in 2014.
Former CEO Tom Glaser, who replaced Simone and served until Randy Rogers was hired Jan. 13, received $1.15 million in 2015. Glaser earned $230,711 in salary, $355,907 in incentive plan bonus and $479,787 in other compensation.
Glaser was a member of the board of directors before his appointment as interim COO and later short-term CEO. When Rogers was hired, Glaser was named vice chairman of USA Truck’s board of directors.
Rogers was not listed on the proxy statement, but the company reported his annual salary was $425,000 and he received a $150,000 signing bonus.
Russell Overla, the executive vice president of truckload operations before he resigned in September, earned almost $761,000 in total compensation, up from $583,000 he earned in 2014. Overla earned $170,806 in salary, $148,375 in incentive plan bonus and $359,993 in a severance package.
Michael Weindel, who resigned as executive vice president of the Strategic Capacity Solutions division in February, earned $440,000 in total compensation in 2015, down from the $553,000 he earned in 2015. Weindel’s compensation included $220,545 in salary, $88,830 in stock awards and $129,885 in incentive plan bonus.
Jim Craig was hired after Weindel’s resignation to fill the created position of president of SCS. He was not listed on the proxy statement, but the company said his annual salary was $300,000 and he would receive a cash bonus of $50,000 in March 2016.
CFO Michael Borrows earned slightly more than almost $608,000 in total compensation in 2015, a big increase from the $182,435 he made in the three months after he joined USA Truck in September 2014. In 2015, Borrows’ compensation included $225,000 in salary, $123,178 in stock awards and $175,668 in incentive plan bonus.
Chief Information Officer Chris Rhodes earned more than $383,000 in total compensation in 2015. Rhodes was promoted to CIO in July after serving several years as vice president of Information Services and his 2014 compensation was not listed by the company.
Rhodes’ 2015 compensation included $202,535 in salary, $76,986 in stock award and $78,188 in incentive plan bonus.
The company plans its annual meeting for 10 a.m. May 3 at its corporate offices at 3200 Industrial Park Road in Van Buren.
Sign up for Daily E-news
