PAM CEO's Salary Up, Overall Compensation Down - Southern Business Review


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Thursday, March 21, 2019

PAM CEO's Salary Up, Overall Compensation Down

President and CEO Dan Cushman of PAM Transport Inc. of Tontitown received a salary bump in 2018 but his overall compensation was lower than the year before.

Cushman received total compensation of $1.68 million in 2018, according to a proxy filed by the company with the U.S. Securities and Exchange Commission on Tuesday. His total compensation in 2017 was $2.46 million.

Cushman's 2018 salary was $610,000, an increase from $565,000 the previous year. He received $618,000 in bonuses, a big bump from $240,000 the year before, but his stock awards totaled $436,000; in 2017, Cushman received more than $1.6 million in stock awards.

The company's other named executive officer was Allen West, PAM's CFO and vice president of finance. West's total compensation in 2018 was $755,000, up from $571,000 in 2017. 

West received $327,000 in salary, up from $311,000, and bonuses of $201,000 and stock awards of $218,000. He received no stock awards in 2017.

PAM announced March 7 that West's 2019 salary would be $335,140.

The company also announced its annual shareholders meeting would be held at 11 a.m. April 24 at the Fort Worth Club in Texas. The agenda includes electing nine members of the board of directors and ratifying the appointment of Grant Thornton as the company's registered public accounting firm.

The location is a departure since PAM's shareholders meeting have normally been held in Warren, Michigan, where its controlling shareholders, the Moroun family, live.

Matthew Moroun, PAM's chairman of the board, owns or controls nearly 66 percent of the company's stock. His father, Manuel, is also a member of the board.

Matthew Moroun is also the controlling shareholder of CenTra Inc., a transportation holding company, and Oakland Financial, an insurance holding company, of which he is also chairman of the board. Manuel Moroun is CEO of CenTra.

In 2018, PAM reported it paid $19.98 million to CenTra and its subsidiaries for services. CenTra and its subsidiaries paid PAM $5.18 million in 2018.