USA Truck Inc. of Van Buren reported that CEO James Reed earned slightly more than $1 million in total compensation for fiscal year 2017.
Reed was hired by the company in November 2016 to serve as CFO but was soon promoted to CEO when Randy Rogers resigned in January 2017. Reed’s base salary was $393,205 for 2017, a jump from his 2016 salary of $53,851, which isn’t surprising since he was employed for just two months in 2016 for USA Truck.
Reed earned more than $350,000 in stock options and nearly $185,000 in incentive plan compensation in 2017, according to a proxy statement USA Truck filed with the U.S. Securities & Exchange Commission. Reed’s total compensation for his two months in 2016 was $417,582.
The company said Reed’s 2018 base salary increased from $400,000 to $475,000 effective April 1. In February, USA Truck reported fiscal 2017 income of $7.5 million, which included profitable third and fourth quarters after six consecutive losing quarters.
USA Truck CFO Jason Bates, who was hired May 1, 2017, earned total compensation of $970,567 for the year. His compensation included base salary of $200,000, a bonus of $258,135, stock options of $162,242 and reimbursed relocation expenses of $265,871.
Bates’ salary for 2018 was increased from $300,000 to $320,000, effective April 1.
Jim Craig, chief commercial officer and president of USAT Logistics, earned total compensation of $882,525 in 2017, a decrease from the more than $1 million he earned in 2016. Craig announced he will retire from USA Truck on May 1.
The company said Craig will receive 12-months salary after his retirement and accelerated vesting of his stock shares. Craig’s base salary in 2017 was $346,603.
USA Truck hired George Henry in March to replace Craig as senior vice president in charge of USAT Logistics.
Werner Hugo was hired as senior vice president in charge of the trucking division on May 12, 2017. His total compensation for the year was $582,915, which included salary of $153,609, a bonus of $131,779, stock options of $132,604 and reimbursed relocation costs of $94,129.
Hugo’s salary for 2018 was increased from $250,000 to $275,000, effective April 1.
Kim Littlejohn was hired as chief technology officer in May 2017 and earned total compensation of $507,926, which included salary of $138,173, a bonus of $122,606 and reimbursed relocation costs of $183,372. Littlejohn’s salary for 2018 was increased from $225,000 to $232,000, effective April 1.
(Correction: A previous version of this article stated that James Bates was USA Truck’s CFO. The CFO’s name is Jason Bates.)
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