Marten Transport recently reinstated the base salaries for all of its executive officers following a temporary reduction, according to a May 8 securities filing.
In September 2024, the company’s compensation committee approved the temporary reduction of executive officer base salaries by between 5% and 7.5% to mitigate the impact of a freight recession. Although market conditions haven’t improved much, Marten Transport has reinstated the former base salaries for most executives and increased the base salary for EVP and CFO James Hinnendael .
The following annual base salaries went into effect on April 7:
- Randolph Marten, executive chairman: $818,000, up from $756,650
- Timothy Kohl, CEO: $751,000, up from $694,675
- James Hinnendael, EVP and CFO: $450,000, up from $381,100
- Douglas Petit, president: $401,000, up from $370,925
- Adam Phillips, EVP and COO: $310,000, up from $294,500
- Randall Baier, EVP and CTO: $300,000, up from $285,000
Marten Transport’s Q1 revenue and income decreased year over year, per its earnings report. Revenue was $223.2 million for the quarter, down nearly 11% from $249.7 million in Q1 2024. Profit fell from $12.3 million in Q1 last year to $5.9 million this year.
Meanwhile, Marten Transport has faced a significant decline in freight rates and revenue per tractor since 2022, according to its Q1 investor presentation.
Executive Chairman Marten said the Mondovi, Wisconsin-based company’s earnings have been burdened by the “considerable duration and depth of the freight market recession’s oversupply and weak demand,” in addition to inflation, in an April 16 press release.
“We remain focused on minimizing the freight market’s impact – and now the impact of the U.S. and global economies with the current trade policy volatility - while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business segments,” he said in the release.
