P.A.M. executive pay rises; CFO resigns

by Jeff Della Rosa ([email protected]) 1,340 views 

Joe Vitiritto, president and CEO of Tontitown-based carrier P.A.M. Transportation Services Inc., received a 6.9% raise and total compensation of $1.6 million in 2022, according to the company’s proxy statement filed recently with the U.S. Securities and Exchange Commission. Meanwhile, the company is seeking a new chief financial officer following the resignation of Allen West.

Earlier this month, West resigned after 26 years with the company. West served as CFO for nearly 10 years after working as vice president of tax and financial reporting from 2007 to 2013 and as director of tax from 1997 to 2007. He will remain in an advisory role with the company until June 8.

Lance Stewart, vice president of operations, was appointed to serve as the interim CFO until the permanent position is filled. Stewart, who joined the company in 1989, served as CFO from 2010 until 2013 and as vice president of accounting from 2002 to 2010 and from 2016 to 2020. As interim CFO, Stewart will receive an additional $12,000 monthly base salary.

According to the proxy statement, West received a 6.2% raise and total compensation of $919,710 in 2022. His salary rose to $414,230 in 2022, from $389,934 in 2021. His total compensation increased by 10.5% in 2022, from $832,273 in 2021.

In 2022, Vitiritto’s salary increased to $577,670, from $540,440 in 2021. His total compensation rose by 7.3% in 2022, from $1.49 million in 2021. Vitiritto’s existing salary is $610,220, which is 9.1% higher than the 2022 salary.

P.A.M.’s proxy statement also shows the annual shareholders meeting will take place at 11 a.m. April 27 at 12225 Stephens Road in Warren, Mich.

Following are the proposals that shareholders will vote on:

  • Election of directors
  • Advisory vote on executive pay
  • Frequency of advisory vote on executive pay
  • Approval to appoint Grant Thornton LLP as the independent registered public accounting firm for the next fiscal year.

The company’s board of directors recommended approval of all the proposals. Regarding the proposal on the frequency of an advisory vote on executive pay, the board recommended such a vote take place every three years.

The board recommended for reelection the existing nine board members, including Michael Bishop, Frederick Calderone, W. Scott Davis, Edwin Lukas, Franklin McLarty, H. Pete Montaño, Matthew J. Moroun, chairman Matthew T. Moroun and Vitiritto.

Following shareholders own more than 5% of company stock, listed with the percentage owned:

  • Matthew T. Moroun of Warren, 71.9%
  • Dimensional Fund Advisors LP of Austin, Texas, 6.3%.

Shares of P.A.M. (NASDAQ: PTSI) closed Tuesday (March 28) at $27.58, up 35 cents or 1.3%. In the past 52 weeks, the stock has ranged between $23.52 and $38.11.