P.A.M. CEO Joseph Vitiritto received total compensation of nearly $2 million in 2020

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by Jeff Della Rosa ([email protected]) March 31, 2021 6:47 pm 1,985 views 

Joseph Vitiritto, president and CEO of P.A.M. Transportation Services Inc., earned $183,474 in salary and a total compensation of $1.92 million in 2020, according to the company’s proxy statement. Vitiritto, who started working for P.A.M. on Aug. 18, was hired with a base salary of $530,036.

The Tontitown-based carrier filed Wednesday (March 31) the proxy statement showing executive compensation and that its annual shareholders meeting will take place at 11 a.m. May 5 at 13601 Mercury Drive in Laredo, Texas.

Former president and CEO Daniel Cushman received $428,085 in salary and a total compensation of $546,471 in 2020. Cushman retired May 1 after serving as president and CEO for P.A.M. for 11 years. Board chairman Matthew T. Moroun was named interim CEO following Cushman’s retirement. Moroun’s total compensation was $115,025 in 2020. Cushman worked in an advisory role with the company until July 31. In 2019, Cushman’s salary rose 2.9% to $628,400, and his total compensation fell 29.3% to $1.18 million.

Allen West, vice president of finance, chief financial officer and secretary and treasurer, received a 5.5% raise in 2020. His base salary increased to $366,754 in 2020, from $347,620 in 2019. West’s total compensation increased by 53.6% to $818,693 in 2020, from $532,858 in 2019.

Shareholders as of March 16 can vote on the following proposals: Election of nine directors to serve until the next annual meeting and the appointment of Grant Thornton LLP as the company’s independent registered public accounting firm for the next fiscal year.

Following are the directors who have been nominated for reelection: Michael Bishop, Frederick Calderone, W. Scott Davis, Edwin Lukas, Franklin McLarty, H. Pete Montaño, Matthew J. Moroun, chairman Matthew T. Moroun and Vitiritto.

Chairman Matthew T. Moroun owns 68.2%, or 3.9 million, of the company’s shares. All other directors own less than 1% of company shares.

The following shareholders own at least 5% of company shares:

  • Dimensional Fund Advisors LP owns 6.5%, or 377,352, of the shares
  • Renaissance Technologies LLC owns 6.2%, or 358,523, of the shares.

Shares of P.A.M. (NASDAQ: PTSI) closed Wednesday at $61.70, up 42 cents, or 0.6%. In the past 52 weeks, the stock has ranged between $65.90 and $25.68.