Incentive pay surges for top Old Dominion execs Incentive pay surges for top Old Dominion Freight Line executives in 2021

Significant boosts in incentive pay for the top two executives for Old Dominion Freight Line Inc. contributed to higher total compensation for fiscal 2021.

The company reported in a regulatory filing Monday that chief executive Greg Gantt's total compensation climbed by 32.4% to $10.58 million.

Meanwhile, executive chairman David Congdon's total compensation went up 5.2% to $8.59 million.

Gant received a 40.1% jump in incentive pay to $7.74 million, while Congdon received a 15.6% increase to $6.39 million.

As has been case for several fiscal years, the incentive pay greatly exceeded the base salary for both executives.

Gantt's base salary rose by 1.1% to $774,023, while Congdon's base salary dropped by 16.2% to $641,284.

Gantt's stock awards were valued at $1.97 million on the date they were awarded, along with $1.38 million for Congdon.

Congdon received $148,610 in all other compensation and Gantt $37,213.

Congdon received the estimate value of $99,229 for personal use of corporate aircraft as the biggest chunk of all other compensation, as well as $18,795 in company-paid life-insurance premiums, a $16,040 company contribution to his 401(k) plan, an $8,291 corporate automobile benefit, and $6,255 in vested restricted stock dividends.

Gantt, meanwhile, received $16,353 company contribution to his 401(k) plan, a $10,993 corporate automobile benefit, $6,057 in vested restricted stock dividends and $3,810 in company-paid life-insurance premiums.

Old Dominion reported a pay ratio of $105-to-$1 between Gantt and the median employee with earnings of $75,820.

The Thomasville company, a top-10 U.S. carrier, finished fiscal 2021 with a record $1.03 billion in net income, up 53.8% from $676.7 million in fiscal 2020.

As of Feb. 2, Old Dominion had 1,318 employees at its Thomasville headquarters, 668 at its Greensboro service center and 107 at the Kernersville service center that became operational Dec. 13.

Kevin Freeman, chief operating officer, had a 1.1% increase in base salary to $583,168, a 50.7% increase in incentive pay to $4.16 million, and total compensation of $6.27 million, up 36.7%.

Adam Satterfield, chief financial officer and assistant secretary, had a 1.1% increase in base salary to $493,042, an 71.3% climb in incentive pay to $3.47 million, and total compensation of $5.26 million, up 47.1%.

Gregory Plemmons, senior vice president for sales, was listed for the first time in 2021 as a top-five executive. He was paid $478,432 in base salary, just under $2.5 million in incentive pay and $3.82 million in total compensation.

The company will hold its shareholder meeting at 10 a.m. May 18 at its headquarters, 500 Old Dominion Way, Thomasville. There are no shareholder proposals on the agenda.

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