J.B. Hunt CEO John Roberts earns 2% base pay bump

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by Jeff Della Rosa ([email protected]) March 27, 2024 3:39 pm 1,476 views 

John Roberts, CEO of Lowell-based carrier J.B. Hunt Transport Services Inc., received a 2.3% base salary increase in 2023, but his total compensation declined by 10.7% to $8.25 million, according to the company’s proxy statement.

On March 14, J.B. Hunt filed its annual proxy statement with the U.S. Securities and Exchange Commission. The proxy shows executive earnings and information on the company’s annual shareholders meeting at 10 a.m. April 25 at its headquarters.

According to the proxy, Roberts’ salary rose to $997,692 in 2023 from $975,385 in 2022. His stock awards increased to $7.2 million from $6.59 million, but Roberts and the other named executives in the proxy didn’t receive incentive plan (bonus) pay in 2023. Roberts earned $1.63 million in incentive pay in 2022.

President Shelley Simpson received a 19.8% salary increase in 2023. Her base salary rose to $791,346 from $660,577 in 2022. Total compensation declined by 46.5% to $4.71 million in 2023 from $8.81 million in 2022. In 2022, Simpson received $1.05 million in incentive pay.

Chief Operating Officer Nicholas Hobbs received a 7.6% salary increase, rising to $669,231 from $622,116. His total compensation declined by 18.5% to $3.03 million from $3.72 million. In 2022, his incentive pay was $884,375.

Chief Financial Officer John Kuhlow received an 11.3% salary increase. His base salary rose to $519,231 from $466,346 in 2022. His total compensation fell by 15.6% to $2.49 million from $2.95 million. In 2022, Kuhlow received $672,125 in incentive pay.

Darren Field, president of intermodal, received a 10.2% salary increase, rising to $569,231 from $516,346. His total compensation decreased by 16% to $2.92 million from $3.48 million. In 2022, Field received $742,875 in incentive pay.

Following are the proposals shareholders will vote on at the annual shareholders meeting:

  • Advisory vote on executive pay for 2023.
  • Approving PricewaterhouseCoopers LLP as the company’s accounting firm for 2024.
  • Selecting the board of directors.

The company has named nine nominees for the board of directors who are running for a one-year term. Simpson is the only nominee this year that’s yet to serve on the board. She will become company CEO when Roberts retires on July 1, the proxy shows. Roberts is expected to become board chairman. Other existing members seeking reelection include Francesca Edwardson, Sharilyn Gasaway, Thad Hill, Bryan Hunt Jr., Persio Lisboa, Patrick Ottensmeyer and James Robo.

Wayne Garrison and chairman Kirk Thompson are existing board members who are not seeking reelection. When their Terms end after the shareholders’ meeting this year, they will transition to honorary founding directors.

According to the proxy, the following shareholders own more than 5% of the company’s stock as of Dec. 31:

  • Co-founder Johnelle Hunt of Rogers, 17.8%.
  • The Vanguard Group of Malvern, Pa., 9.5%.
  • BlackRock Inc. of New York, 6.4%.
  • T. Rowe Price Investment Management Inc. of Baltimore, 5.3%.

Shares of J.B. Hunt (NASDAQ: JBHT) closed Wednesday (March 27) at $195.20, up $1.49 or 0.77%. In the past 52 weeks, the stock has ranged between $164.39 and $219.51.