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Murphy USA Chief’s Total Pay Was $10.6M in 2023

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Murphy USA (NYSE: MUSA) President and CEO Andrew Clyde had total compensation of nearly $10.6 million in 2023, a reward for strong financial performance by the El Dorado fuel and convenience store chain, the company’s 2024 proxy statement said.

Clyde’s pay rose slightly from nearly $10.4 million in 2022 and $8.6 million in 2021, according to the statement, which invited stockholders to the company’s annual meeting at 8 a.m. May 9 at the company’s corporate headquarters in El Dorado.

Shareholders will also vote on extending the terms of three members of the board of directors, and vote on whether to retain KPMG LLP as the company’s independent registered public accounting firm for 2024. The company paid KPMG $1.34 million for its services last year.

Stockholders of record as of March 11 will also have a “say on pay” for named executives, though the vote is technically non-binding.

The proxy revealed that four top executives under Clyde earned total compensation above $1.5 million last year. Clyde’s base salary totaled nearly $1.27 million, and he received stock awards worth nearly $5 million and stock options with a value of $1.53 million. His non-equity incentive plan compensation was $2.30 million, and all other compensation amounted to $398,234.

Clyde’s pay ratio compared to a median Murphy USA employee was 547 to 1, but the company noted that its average employees are part-time workers at its stores.

Mindy K. West, the company’s executive vice president and chief operating officer, had $3.24 million in total compensation, up from $3.1 million the year before. Renee M. Bacon, senior vice president for sales and operations and chief merchandising officer, brought home $1.69 million in overall compensation, up for $1.6 million; and SVP and Chief Operating Officer Robert J. Chumley earned a total of 1.6 million, slightly down from his total compensation of $1.64 million in 2022.

Chris A. Click, senior vice president for strategy, growth and innovation, pulled down a total of $1.59 million. Before 2023, he was not a named executive of the company.

Over the past three years, Murphy USA has reported an annualized total shareholder return of 40.7%, well above its peer group median of 7.5% and almost quadruple the 10.3% three year annualized return of the S&P 500 Index. That return for investors, as well as other solid financial fundamentals, led the company to recommend a yes vote from shareholders for its executive pay structure and other proposals.

The board members up for a vote on extended terms are:

  • David L. Goebel, 73, a director since October 2021 and Chairman of the Board of fast food franchise Jack in the Box Inc.
  • James W. Keyes, 68, a Murphy USA director since 2013 and former CEO of Blockbuster Inc. and 7-Eleven Inc.
  • Diane N. Landen, 63, a Murphy USA director since 2013 and owner and president of Vantage Communications Inc.

Murphy USA’s non-employee board members received compensation between $261,902 and $313,508 in 2023. Board Chair R. Madison Murphy’s board compensation was $458,252.


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