Retiring Swift CEO to Get Paid More as Consultant Than as Bossand
Jerry Moyes, the departing chief executive officer of Swift Transportation Co., has landed a consulting agreement with the company that will pay him more than he made last year.
Moyes, who retires at year-end from the trucking company he founded, will be paid $200,000 a month for three years, according to a regulatory filing on Thursday. The $2.4 million in annual fees will top the $2.07 million in total compensation he received last year, according to Swift’s proxy statement.
Before his Dec. 31 exit, Moyes is “encouraged to take as much vacation time” as he wants and to “spend the bulk” of his time away from company locations, the filing said. That is meant to reinforce clear lines of leadership between Moyes and successor Richard Stocking, who had been chief operating officer.
Swift has tumbled 29 percent through Friday since closing at a high of $29.11 in December 2014. While stock awards have made up half or more of Moyes’s compensation in each of the last three years, his consulting fees will be in cash.
His target compensation for last year was $2.7 million and depended on Swift’s stock price and the company meeting financial goals. The company’s compensation committee canceled a cash bonus and two months of Moyes’s salary after he exceeded an internal limit on pledging shares on margin.
Jason Bates, a spokesman for Phoenix-based Swift, declined to comment beyond the filings.
Moyes, who was 72 when Swift filed its proxy statement in April, founded Common Market Distribution Corp. in 1966. The business later merged with Swift, which he also founded.