No Bonuses for J.B. Hunt Executives in 2023

A file photo of John Roberts III, CEO of J.B. Hunt Transport Services (Photo provided by J.B. Hunt)

Total compensation was down for all the named executives at J.B. Hunt Transport Services Inc. of Lowell in fiscal 2023, according to a proxy filed by the company with the U.S. Securities & Exchange Commission.

The drop in pay was because none of the executives received bonuses after J.B. Hunt failed to meet minimum operating income standards for the year. The company reported operating income of $993 million in 2023, well below the minimum standard of $1.24 billion for the non-equity incentive plan payout.

Outgoing CEO John Roberts was again the highest-paid executive at J.B. Hunt with total compensation of $8.25 million, which was down from $9.2 million in 2022. His compensation included a base salary of $997,692 and stock awards of $7.2 million; the previous year he had earned $1.6 million in incentive compensation but received none in 2023.

J.B. Hunt reported that Roberts’ CEO compensation was a 123:1 ratio to the median employee’s income of $66,919.

Roberts will step down as CEO and become the company’s chairman of the board beginning July 1. He will replace Kirk Thompson, who is retiring as chairman to assume an advisory role.

Roberts will be replaced as CEO by Shelley Simpson, who earned $4.7 million in total compensation as president in 2023, down from $8.8 million in 2022. Simpson’s compensation included a base salary of $791,346 and stock awards of $3.9 million; she had received $1.1 million in incentive bonus in 2022.

COO Nick Hobbs earned total compensation of $3 million in 2023, down from $3.7 million. His compensation included a base salary of $669,231 and stock awards of $2.3 million; he had earned $844,375 in incentive plan compensation in 2022.

Darren Field, the president of the company’s intermodal division, received total compensation of $2.9 million in 2023, down from $3.5 million. His compensation included a base salary of $569,231 and stock awards of $2.3 million; his incentive plan bonus was $742,875 in 2022.

CFO John Kuhlow earned total compensation of $2.5 million in 2023, down from $2.96 million. His compensation included a base salary of $529,231 and stock awards of $1.9 million; his 2022 bonus was $672,125.

J.B. Hunt announced its annual shareholders meeting will be at 10 a.m. April 25 at the company’s headquarters in Lowell. The agenda includes electing the nine-member board of directors and reappointing PricewaterhouseCoopers LLP as independent auditor.

The board of directors’ election will affirm Simpson’s appointment to the board as well as Roberts’ ascension to chairman.