Car-Mart CEO Jeff Williams received nearly 30% raise for fiscal 2020

by Jeff Della Rosa ([email protected]) 1,000 views 

Jeff Williams, president and CEO of Rogers-based America’s Car-Mart, received a 29.9% raise, and his total compensation rose 59% to $4.92 million in fiscal 2020, which ended April 30, according to the company’s proxy filing.

The buy here, pay here used car dealer filed Wednesday (July 15) its proxy with the U.S. Securities and Exchange Commission, and the company plans to host its annual shareholders meeting at 10 a.m. Aug. 26 at its corporate office at 1805 N. Second St. in Rogers.

Williams base salary rose to $572,894 in fiscal 2020, from $440,962 in the previous fiscal year. The company previously announced his base salary for fiscal 2021 would be $750,000, up 30.9% from the previous fiscal year.

Vickie Judy, chief financial officer, earned a 31.7% raise, and her total compensation increased 647.1% to $2.53 million in fiscal 2020. Judy’s base salary increased to $305,962 in fiscal 2020, from $232,308 in the previous year.

Leonard Walthall, chief operating officer, earned $305,962 in fiscal 2020, and had total compensation of $2.53 million. Car-Mart on Aug. 28 promoted Walthall to chief operating officer, a position that had been vacant in recent years. Walthall has worked for Car-Mart since 1989.

In the annual meeting, shareholders will vote on whether to increase by 200,000 the number of shares authorized for the company’s amended and restated stock option plan and to approve Grant Thornton LLP as the independent registered public accounting firm for fiscal 2021.

Shareholders also will vote on whether to reelect six of its existing seven board members. Board member Jim von Gremp said he will retire at the end of the annual meeting, which is when his existing term expires. A nominee to fill his position has yet to be determined.

Following are the board members who were nominated for reelection: Ann Bordelon, chairman Ray Dillon, Daniel Englander, William “Hank” Henderson, Joshua Welch and Williams. Following is the total compensation for the board members: Bordelon, $234,800; Dillon, $244,800; Englander, $244,800; Henderson, $73,276; von Gremp, $234,800; and Welch, $234,800.

Following are shareholders who own more than 1% of the company’s stock: BlackRock Inc. of New York owns 15% of the stock, or 1.01 million shares; Dimensional Fund Advisors LP of Austin, Texas, owns 7.4%, or 505,985 shares; Englander owns 3.7%, or 254,478 shares; Henderson owns 2.2%, or 151,580 shares; Welch owns 2.1%, or 140,761 shares; and Williams owns 1.8%, or 121,129 shares. Combined, nine directors and executive officers own 11.2% of the stock, or 763,926 shares.

Shares of Car-Mart (NASDAQ: CRMT) closed Wednesday at $94.04, up $4.99 or 5.6%. In the past 52 weeks, the stock has ranged between $129.70 and $35.18.