Both Old Dominion Freight CEO and Chairman Made More in 2017

Both the chief executive officer and executive chairman of Old Dominion Freight Line Inc. received 18 percent more in compensation in 2017, according to a filing with the Securities and Exchange Commission.

Earl E. Congdon, who serves as the executive chairman of the board, made $7.17 million in 2017 compared to $5.99 million in 2016. One year prior, in 2015, Congdon earned $6.03 million.

David S. Congdon, who serves as both the company’s CEO and vice chairman, earned $7.19 million in 2017 compared to $6.02 million in 2016. He made $6.08 million in 2015.

For at least the past three years, the pair earned the same compensation as the other through salary, stock awards and their non-equity incentive plan. The difference came in smaller “other” amounts, such as personal use of the corporate aircraft, life insurance premiums and corporate automobile benefits.

The salary for both individuals increased 3 percent, rising from $594,000 in 2016 to $612,000 in 2017. Likewise, their stock awards increased 11 percent, rising to $379,000 in 2017 compared to $341,000 one year prior.

Each Congdon earned a $1.04 million, up nearly 23 percent, increase in his non-equity incentive plan, rising to $6.09 million in 2017 from $4.97 million in 2016.

Old Dominion Freight will hold its annual meeting of shareholders on May 16 at 10 a.m. at its principal executive offices, which are located at 500 Old Dominion Way in Thomasville.

The company, which operates on the NasdaqGS under the ticker ODFL, closed Monday up 1.5 percent, increasing to $147.68 per share after opening the week at $145.43 per share.

The stock price presently sits at $151.00 per share, a 3.8 percent increase since opening the week Monday morning.