Three of Old Dominion Freight Line Inc.’s top executives, including its next chief executive Marty Freeman, were provided with significant base-salary raises by the company’s board of directors.
Old Dominion, a top-10 U.S. carrier and one of the Triad’s largest publicly traded corporations, finished fiscal 2022 at a record $1.38 billion, up 33.1%.
According to a regulatory filing Thursday, the board approved the raises Wednesday that go into effect July 1.
On Feb. 1, Old Dominion said chief executive and president Greg Gantt would retire June 30 after nearly five years as chief executive. He is expected to remain on the company’s board of directors.
At that time, the Thomasville trucking company said Freeman would be promoted from chief operating officer to chief executive on July 1. Freeman also will replace Gantt as president.
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Old Dominion said in its fiscal 2022 proxy filing that Freeman had a 3.6% increase in base salary to $604,204, as well as a 32.3% increase in incentive pay to $5.51 million, and total compensation of $7.85 million, up 25.2%.
In Thursday’s filing, the board approved increasing Freeman’s base salary to $956,800, up 58.3%.
By comparison, Gantt’s base salary for 2022 was $917,701,
The board promoted Adam Satterfield, its chief financial officer and assistant secretary from senior vice president to executive vice president.
As part of the promotion, Satterfield’s base salary is being raised, also effective July 1, from $510,753 in 2022 to $628,074, representing a 23% increase.
The board also raised the salary of Gregory Plemmons, who is being promoted to chief operating officer on July 1. Plemmons currently serves as senior vice president for sales.
Plemmons’ base salary is being raised by 26.7% from $495,619 in 2022 to $628,074.
The board also approved an increase — to 100% of Plemmons’ base salary or $628,074 — in the performance-based restricted stock unit award target. That increase would go into effect in January.
Separately, the board declared Thursday a quarterly dividend of 40 cents a share, payable June 21 to shareholders registered as of June 7.
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