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PAM Transport Inc. of Tontitown named Joe Vitiritto as the company’s new president and CEO, effective Aug. 18.
Vitiritto, 49, will replace Dan Cushman, who retired in May after nearly 11 years with the company. Chairman of the Board Matthew Moroun has been serving as interim CEO and will continue to until Vitiritto takes over later this month; Vitiritto will also replace Cushman on the company’s board of directors.
The company said Vitiritto’s annual salary will be $530,036 with a cash bonus of $328,500 to be paid in December 2020 or January 2021. Cushman’s salary last year was $628,400.
Vitiritto has 25 years experience in the transportation industry, including 17 years with Knight-Swift Transportation Inc. of Phoenix, where he served in a variety of executive positions including senior vice president of operations and senior vice president of pricing and network design.
PAM has reported three consecutive quarterly losses dating back to the fourth quarter of fiscal 2019. The company posted a profit of $7.9 million in 2019 and $24 million in 2018, but the COVID-19 pandemic economic effects have contributed to a loss of $2.1 million in the first two quarter of fiscal 2020, compared to a profit of $16.95 million in the first two quarters a year ago.