Old Dominion reports drop in executive pay amid lower earnings

A decline in incentive pay contributed to lower total compensation for Old Dominion Freight Line Inc.'s top executives during fiscal 2025.

The incentive pay dropoff came with Old Dominion having $1.02 billion in 2025 net income, down about 14%. Revenue fell to $5.81 billion.

The Thomasville less-than-truckload carrier reported in its proxy filing that Kevin Freeman, its president and chief executive, had a 7.9% drop in total compensation to $11.61 million.

As has been the case for several fiscal years for Old Dominion, the incentive pay greatly exceeded the base salary for Freeman.

Freeman was paid $1.03 million in base salary, up 5%, while his incentive pay fell to $8.17 million.

He received stock awards valued at $2.38 million on the date they were awarded, along with $36,066 in all other compensation.

Old Dominion reported a pay ratio of $147-to-$1 between Freeman's wages and the median employee's wages at $79,034.

Adam Satterfield, chief financial officer and assistant secretary, had a 4.9% increase in base salary to $678,541, a 12.6% decrease in incentive pay to $4.609 million, and total compensation of $6.37 million, down 7%.

Gregory Plemmons, chief operating officer, had a 4.9% increase in base salary to $646,482, a 12.6% decline in incentive pay to $4.08 million, and total compensation of $6.35 million, down 7%.

Cecil Overbey Jr., senior vice president of strategic development, and Ross Parr, general counsel and secretary, both received a 4.9% increase in base salary to $541,732, and a 12.6% decline in incentive pay to $2.45 million.

Both Overbey's and Parr's total compensation dropped 7.6% to $3.94 million.

The company will hold its shareholder meeting at 10 a.m. on May 20 at its Thomasville headquarters. There are no shareholder proposals on the agenda.

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This story was originally published April 24, 2026 at 8:52 PM.