PAM Transport CEO Joe Vitiritto’s Compensation Falls 31%

PAM Transport CEO Joe Vitiritto (Photo provided by PAM Transport)

Joe Vitiritto, CEO of PAMT Corp. of Tontitown (Nasdaq: PAMT), received total compensation of $778,160 in 2024, according to a proxy filing with the U.S. Securities & Exchange Commission. 

The total compensation was a 31.3% drop from 2023 when Vitiritto earned $1.13 million. Vitiritto’s annual salary was $628,160, up from $616,085 but he received no stock awards in 2024 after receiving more than $366,000 in 2023.

PAMT, the parent company of PAM Transport Inc., reported revenue of $714.6 million in 2024, down from $810.8 million. The company reported an annual loss of $31.8 million in income, a drop from a profit of $18.4 million in 2023.

CFO Lance Stewart earned total compensation of $478,810 in 2024, down from $493,326 in 2023. Stewart’s annual salary was $388,810, up from $344,840, but he did not receive stock awards in 2024 after receiving $68,486 in 2023.

PAMT annual shareholders meeting will be May 8 in Warren, Michigan. The agenda includes the election of nine board members and and the reappointment of Grant Thornton LLP as the company’s independent auditor.

Warren is the home base of company chairman Matthew Moroun, who controls more than 73% of the company shares, or slightly more than 16 million.

The company reported that it paid Moroun-affiliated businesses $33.4 million in 2024 for things that include equipment, real estate leases and insurance.