Car-Mart executives earn 30% raises; total compensation falls

by Jeff Della Rosa ([email protected]) 360 views 

Jeff Williams, president and CEO of Rogers-based America’s Car-Mart, received a 30.9% raise in 2021, while total compensation declined 83.8% to $797,506, from $4.92 million in 2020, according to the proxy filed Wednesday (July 14) with the U.S. Securities and Exchange Commission.

Williams’ 2021 salary was $750,000, up from $572,894 in 2020. Option awards comprised $4.17 million of his total compensation in 2020.

Vickie Judy, chief financial officer, received a 30.7% raise in 2021, while total compensation declined 82.5% to $442,176, from $2.53 million in 2020. Her salary increased to $400,000, from $305,962 in 2020. Option awards comprised $2.08 million of her total compensation in 2020.

Leonard Walthall, chief operating officer, also received a 30.7% raise in 2021, while total compensation declined 82.6% to $439,364, from $2.53 million in 2020. Walthall’s salary increased to $400,000, from $305,962 in 2020. Option awards comprised $2.08 million of his total compensation in 2020.

On June 1, the company’s board of directors approved a short-term incentive plan for its executive officers for fiscal 2022, which ends April 30, 2022, according to a federal filing. Under the plan, Williams, Judy and Walthall are eligible to receive bonuses of $150,000, $80,000 and $80,000, respectively, or higher amounts based on the company’s 2022 customer growth. If customer growth meets or exceeds the minimum threshold, the executive officers will earn a cash bonus representing 100%, 110% or 120% of the bonus amount, based on customer growth.

The proxy also shows Car-Mart, which is celebrating its 40th year in business this year, will host its annual shareholder’s meeting at 10 a.m. Aug. 25 at its corporate headquarters, 1805 N. Second St., Suite 401, in Rogers.

Shareholders of record as of July 2 will vote on whether to elect seven directors to serve until the next annual meeting and select Grant Thronton LLP as the independent registered public accountant for the fiscal year ending April 30, 2022.

Joshua Welch, chairman of the board, said timber executive and philanthropist Ray Dillon is retiring from the board this year. The board recruited a long-time consumer banking executive to join the board in March, and a technology professional has been nominated for election. Three of the board’s seven director nominees are women, Welch noted.

Following are the nominees:

  • Ann Bordelon, who has served as director since January 2019
  • Daniel Englander, who has served since February 2007
  • William “Hank” Henderson, who has served as director since 2002
  • Morris, who has served since April
  • Welch, who has served since January 2018
  • Williams
  • Julia Davis, who has not served on the board previously.

Davis is the executive vice president and chief information officer for R1 RCM, a healthcare revenue cycle management company serving hospital, health systems and physician groups across the United States. She’s been in that role since November 2019. Previously, she was chief information officer at Aflac US from July 2013 to August 2018.

Following shareholders own more than 2% of the company’s stock:

  • BlackRock Inc, 15.1%
  • The Vanguard Group, 6%
  • Dimensional Fund Advisors, 5.3%
  • Royce & Associates LP, 5%
  • Daniel Englander, 3.8%
  • Welch, 2.1%
  • Henderson, 2.1%
  • Williams, 2.1%
  • All directors and executive officers as a group (nine people), 11%

Shares of Car-Mart (NASDAQ: CRMT) closed Thursday (July 15) at $136.57, up 35 cents or 0.26%. In the past 52 weeks, the stock has ranged between $177.45 and $82.48.

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