Jeff Williams, CEO of America’s Car-Mart Inc., will receive a base salary of $750,000 starting May 1, according to a filing with the U.S. Securities and Exchange Commission. May 1 is the first day of fiscal 2021 for the Bentonville-based buy here, pay here used car dealer.
Car-Mart has entered into a new employment agreement with Williams and included the salary in the Wednesday (March 4) filing. The company’s board of directors has approved the agreement.
Williams’ base salary rose 9.8% to $440,962 in fiscal 2019, from $401,609 in fiscal 2018, according to the company’s July 17, 2019, proxy filing. His total compensation increased 497.9% to $3.1 million in fiscal 2019.
Under the one-year agreement, Williams will be entitled to earn an annual cash bonus and be eligible for stock incentives. The agreement will automatically renew on May 1 of each year, until either Williams or Car-Mart provides a termination notice. In the event of such notice, Williams will receive two years of his base salary in a lump sum payment. He also will be entitled to receive a prorated amount of any bonus he earned up until the termination.
On Feb. 19, Car-Mart reported third-quarter earnings for the period that ended Jan. 31 increased 16.5% to $12.68 million, or $1.83 per diluted share. Revenue rose 15.9% to $186.73 million. Through the first three quarters of fiscal 2020, earnings increased 27.3% to $42.05 million, or $6.03 per share. Revenue rose 11.5% to $548.92 million.
Shares of Car-Mart (NASDAQ: CRMT) closed Wednesday at $107.42, up $3.33, or 3.2%. In the past 52 weeks, the stock has ranged between $129.70 and $80.40. The stock closed at a record high of $129.70 on Feb. 20. The stock has closed above $100 since Nov. 22, 2019, when it closed at $101.31.
Williams became CEO of Car-Mart on Jan. 1, 2018, after former CEO Hank Henderson retired Dec. 31, 2017. Williams started with the company in October 2005 when he was hired as chief financial officer. Vickie Judy became chief financial officer when Williams became CEO.