Car-Mart’s top executives saw no pay increase in fiscal 2017

by Jeff Della Rosa ([email protected]) 232 views 

Base salaries for the top executives of America’s Car-Mart remained flat in fiscal 2017, from the previous fiscal year, according to the company’s proxy statement filed with the U.S. Securities and Exchange Commission on June 14.

CEO William “Hank” Henderson’s salary remained at $466,400, as of April 30, the end of the 2017 fiscal year. President Jeff Williams’ salary was $367,290 as of April 30. Total compensation for Henderson fell 48% to $500,809, from $965,931 in fiscal 2016. Williams’ total compensation declined 53% to $400,488, from $862,615 in fiscal 2016.

On Aug. 2, the buy here, pay here used car dealership will host its annual shareholders meeting at its corporate office in Bentonville.

The company recently announced board member Kenny Gunderman will retire from the board at the meeting. The company is recommending Ray Dillon to fill his position.

The following are the existing board members who have been nominated for re-election: Daniel Englander, Henderson, Eddie Hight, Robert Smith, Jim von Gremp and Williams. Six directors earned the following compensation in fiscal 2017: Englander, $96,435; Gunderman, $86,435; Hight, $86,435; John Simmons, $61,435; Smith, $86,435; von Gremp, $93,102. Simmons retired from the board Aug. 31, 2016.

The following are those owning more than 5% of the company’s stock, as of June 9: Invesco Ltd., 13%; Magnolia Capital Fund LP, 10.9%; Bares Capital Management Inc., 10.5%; BlackRock Inc., 7.8%; Dimensional Fund Advisors LP, 6.8%; and Yacktman Asset Management LP, 6.1%. As a group, the eight directors and executive officers own 11.7% of the shares.

On May 22, the used car dealership reported earnings rose 74% to $20.16 million, or $2.49 per share, in fiscal 2017, from $11.55 million, or $1.33 per share, in the previous year. Revenue rose 3% to $587.75 million, from $567.90 million.