Tontitown-based carrier P.A.M. Transportation Services Inc. has named Joseph A. Vitiritto its new president and CEO.
Vitiritto, 49, has worked in the transportation industry for 25 years and has served as senior vice president of pricing and network design for Knight-Swift Transportation Holdings Inc. since May 2019, according to a Wednesday (Aug. 5) filing with the U.S. Securities and Exchange Commission.
He starts Aug. 18 and will have a base salary of $530,036, the filing shows. Vitiritto succeeds the company’s former president and CEO, Daniel H. Cushman, who retired May 1. Board chairman Matthew T. Moroun had been interim CEO since Cushman’s retirement. Moroun will remain the board chairman, and Vitiritto has been appointed to the board to fill Cushman’s former position.
The company’s board of directors approved the appointment Tuesday (Aug. 4). Under his employment agreement, Vitiritto will receive a $328,500 cash bonus for 2020 in December or January and will be eligible for a bonus in 2021 for up to 100% of his base salary. He also will receive 40,000 restricted shares of the company’s common stock and is entitled to a $621,000 severance, if terminated within the first 24 months of his employment with the company.
Vitiritto has served in various managerial positions for Knight-Swift and its predecessor, Knight Transportation Inc., where he started in 2003. Before his most recent role, he was senior vice president of operations – Swift transition team and senior vice president of human resources.
“Mr. Vitiritto’s significant operational experience and expertise in the transportation industry and future knowledge of the day-to-day management of the company will bring valuable insight to the company’s board of directors,” the filing said.
Cushman had served as president and CEO of P.A.M. for 11 years before he retired. He worked in an advisory role with the company until July 31.
In 2019, Cushman received a 2.9% salary increase, while his total compensation declined 29.3% to $1.18 million, according to the company’s proxy statement. Cushman’s salary rose from $610,430 in 2018 to $628,400 in 2019. His total compensation fell from $1.68 million in 2018.
Shares of P.A.M. (NASDAQ: PTSI) closed Thursday (Aug. 6) at $31.05, up 95 cents or 3.16%. In the past 52 weeks, the stock has ranged between $71.56 and $22.