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Murphy USA’s Andrew Clyde Tops $10.3M in Total Compensation

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Murphy USA President and CEO Andrew Clyde saw his total compensation surge above $10.3 million in 2022, up from $8.6 million the year before, as the company reported soaring profit.

The El Dorado national gasoline and convenience store chain had net income of $672.9 million in 2022, with profits up nearly 70% from the year before.

The company reported Clyde’s compensation in a proxy statement filed Thursday.

Other top executives also reaped rewards of higher profit last year, including:

  • CFO and Treasurer Mindy K. West, who earned nearly $3.2 million, up from $2.8 million in 2021
  • Renee M. Bacon, senior vice president and chief merchandising officer, had 2022 compensation of $1.63 million, up from $1.4 million
  • Robert J. Chumley, SVP and chief digital officer, who topped $1.6 million, also up from $1.4 million in 2021.
  • Blake H. Segal, senior vice president for QuickChek, the New Jersey convenience store and food chain that Murphy USA acquired in 2021, had total compensation of $1.6 million for 2022, his first full year with the company

Clyde, West, Bacon and Chumley also received stock options and grants likely to be worth millions. Clyde’s 51,800 shares are expected to be worth $10.9 million upon vesting.

The proxy statement to shareholders also listed total compensation to all members of the board of directors who are not employees, including chair Madison Murphy, who had $418,366 in MUSA compensation.

Claiborne P. Deming, another Murphy family member, was at $278,366.

Other directors and their 2022 pay were:

  • David L. Goebel, $238,210
  • Fred L. Hollinger, $238,366
  • James W. Keyes, $238,366
  • Diane N. Landen, $275,366
  • David B. Miller, $236,366
  • Jeanne L. Phillips, $238,366
  • Jack T. Taylor, $283,366
  • Rosemary L. Turner, $238,210

The company’s annual stockholders meeting is set for 8 a.m. Thursday, May 4, at Murphy USA headquarters in El Dorado. The agenda will include voting on three directors whose terms are expiring, approval of executive compensation in a non-binding vote, approval of the company’s 2023 incentive plan, and a vote on retaining KPMG LLP as the company’s independent registered public accounting firm.

KPMG’s total fees charged to Murphy USA were $1.22 million in 2022, down from $1.38 million in 2021, the year Quickchek was acquired.

Murphy USA now has 1,712 stores across the United States. It also repurchased 3.3 million shares in 2022.

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