Murphy USA CEO Andrew Clyde is the six million dollar man.
The chief of the 1,472-store convenience and fuel chain based in El Dorado earned total compensation of $5.94 million in 2018, up from $5.78 million the year before. His pay had actually approached $6.2 million in 2016.
Next came Mindy K. West, who reaped $2.1 million in total compensation, including a $25,000 bonus “in recognition of her expanded role” as executive vice president, fuels, chief financial officer and company treasurer.
The pay numbers for top executives and many other details were reported Tuesday in a proxy statement filed with the Securities & Exchange Commission in Washington.
Murphy USA, which was spun off from Murphy Oil Corp. of El Dorado in 2013, operates in 26 states, with many stores near Walmart locations and others standing alone under the Murphy Express brand. It had a full-year 2018 profit of $213.6 million or $6.87 per diluted share of stock.
“We finished 2018 strong,” Clyde said in January. “We drove traffic to our stores … growing per-store volumes and generating the second-strongest fourth quarter fuel contribution” since the company’s inception. “Merchandise capped off an outstanding year, contributing over $400 million of margin in 2018 with line of sight to further improvement in 2019.”
John A. Moore, senior vice president and general counsel, saw his total pay decline slightly, to $1.24 million, after a 2017 total of $1.31 million. Robert J. Chumley, senior vice president, marketing, reaped $1.14 million, and Terry P. Hatten, senior vice president, human resources, was paid $737,850.
Daryl R. Schofield, who was separated from the company in July, was paid $1.91 million. “All unvested equity awards held by Mr. Schofield at the time of his separation were forfeited,” the proxy said, “including the remaining portion of his “make whole” award and all annual equity awards.” Schofield had been executive vice president for fuels, a portfolio taken up by West.
The proxy statement also included details on compensation for members of the board of directors, including board Chairman R. Madison Murphy, who received $337,217. Other members and their compensation were Claiborne Deming, $199,647; Thomas M. Gattle Jr., $177,217; Fred J. Holliger, $181,217; James W. Keyes, $183,217; Diane N. Landon, $209,967; David B. Miller, $173,217; and Jack T. Taylor, $194,717.
Jeanne L. Phillips, former chairman of President George W. Bush’s inauguration committees, joined the board only in mid-November, drawing $15,309 in compensation.
Madison Murphy, Miller and Clyde will be up for re-election to the board when the company holds its annual stockholders meeting at 8 a.m. May 1 at the South Arkansas Arts Center in El Dorado. Other items on the agenda include a non-binding vote on executive compensation and ratification of plans to retain KPMG LLP as the company’s independent registered public accounting firm. Murphy USA paid KPMG total fees of $1.1 million last year.