PAMT CEO Joe Vitiritto sees raise, total pay fall over 30% in 2024

Joe Vitiritto, president and CEO of Tontitown-based carrier PAMT Corp., formerly P.A.M. Transportation Services Inc., received a 1.9% pay increase in 2024 while his total compensation declined 31.2%, according to the company’s proxy statement.

Vitiritto’s salary rose to $628,160 in 2024 from $616,085 in 2023. His total compensation fell to $778,160 from $1.13 million.

Lance Stewart, vice president of finance, chief financial officer and treasurer, received a 12.7% salary increase in 2024 while his total compensation decreased by 2.9% to $478,810 from $493,326 in 2023. Stewart’s salary rose to $388,810 from $344,840.

PAMT’s proxy also shows the company will host its annual shareholders meeting at 11 a.m. May 8 at 12225 Stephens Road in Warren, Mich.

Shareholders will vote on the following proposals:
• Elect nine directors to serve until the next shareholders meeting.
• Appoint Grant Thornton LLP as the company’s registered public accounting firm for the next fiscal year.

Following are the company’s directors running for re-election: Michael Bishop, Frederick Calderone, Scott Davis, Edwin Lukas, Franklin McLarty, Pete Montaño, Matthew J. Moroun, chairman Matthew T. Moroun and Vitiritto.

The following own at least 5% of company shares:
• Austin, Texas-based Dimensional Fund Advisors LP owns 6.2%.
• Matthew T. Moroun owns 73.45%. His business address is the location of the shareholders meeting.

Shares of PAMT (NASDAQ: PAMT) closed Thursday (April 17) at $14.18, up 34 cents or 2.46%. In the past 52 weeks, the stock has ranged between $11.01 and $23.70.