Joey Ballard
COVENANT LOGISTICS GROUPAbout Joey Ballard
Joey Ballard, 50, is EVP – People & Safety at Covenant Logistics Group (CVLG), a role she has held since May 2022 after serving as SVP of Talent Management (Apr 2019–May 2022). She joined Covenant in July 2018 via the Landair acquisition and previously held human resources and safety leadership roles at Landair since 1999; she holds a Bachelor’s Degree from the University of Tennessee, Knoxville . In 2024 the company delivered over $1.1B in revenue and $1.98 Adjusted EPS, and its lead director credited Ballard with advancing Covenant’s safety culture through people, technology, and proactive coaching . As broader performance context, Covenant’s pay-versus-performance table reports cumulative TSR of $434.47 (value of $100 invested at 12/31/2019 through 12/31/2024), with 2024 net income of $35.9M and Adjusted EPS of $1.98 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Covenant Logistics Group | EVP – People & Safety | May 2022–present | Advanced safety culture via proactive coaching, data analysis, and compliance mechanisms |
| Covenant Logistics Group | SVP – Talent Management | Apr 2019–May 2022 | Senior HR leadership through integration of Landair and talent programs |
| Landair Holdings (acquired by Covenant in 2018) | Senior Director – Talent Management; HR & Safety leadership roles | 1999–2018 | Long-tenured HR and safety leadership at Landair |
External Roles
- Actively involved in community organizations; no public company directorships disclosed in the proxy biography .
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Base Salary (earned) | 348,239 | Annualized base increased from $329,000 to $360,000 effective June 24, 2024 |
| All Other Compensation | 6,742 | Cell phone stipend, wellness credit, long-term disability insurance, milestone tenure award |
Performance Compensation
Annual Incentive (2024 Senior Executive Bonus Program)
| Item | Detail |
|---|---|
| Target Bonus (% of year-end annualized base salary) | 60% |
| Corporate Metric | Adjusted EPS with threshold/target/max of $1.775/$2.075/$2.275; up to 150% of target bonus tied to this metric |
| Ballard-Specific Strategic Metrics (up to 25% of target collectively) | (1) Lew Thompson & Son operating income and safety plan (8.33% of target), (2) Driver Retention: 135% (Expedited) and 85% (Dedicated) (8.33%), (3) Enterprise DOT accident frequency ≤0.68 (8.33%) |
| Result | Committee certified 2024 Adjusted EPS of $1.98 and achievement of all three Ballard strategic goals; payout under Senior Executive Bonus Program = $199,838 |
| Additional AAT Bonus Program Payout | $25,000 (earned based on AAT plan and service condition to 2/28/2024) |
Detailed metric table:
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Adjusted EPS | Up to 150% of target bonus | $1.775 / $2.075 / $2.275 thresholds | $1.98 | Included in total payout; amount aggregated in $199,838 |
| Lew Thompson & Son goal | 8.33% of target | As described | Achieved | Included in total payout |
| Driver Retention goal | 8.33% of target | 135% (Expedited), 85% (Dedicated) | Achieved | Included in total payout |
| DOT Safety goal | 8.33% of target | DOT accident frequency ≤0.68 | Achieved | Included in total payout |
Long-Term Incentives (2024 LTI Plan; Granted June 21, 2024)
| Award Type | Grant Date | Shares/Units | Grant-Date Fair Value ($) | Vesting / Performance Conditions |
|---|---|---|---|---|
| Time-based RSUs | 06/21/2024 | 6,342 | 149,925 | 33.34% vests on July 1 of 2025, 2026, 2027 |
| Performance-based RSUs | 06/21/2024 | 6,348 (target) | 150,067 | 3-year performance (1/1/2025–12/31/2027): 25% on cumulative Adjusted EPS, 25% on 3-year average ROIC; each with 50% threshold and 200% max (EPS thresholds $6.00/$6.75/$7.50; ROIC thresholds 7%/9%/11%) |
Notes:
- The 2024 LTI target award equivalent for Ballard was $300,000 (split between performance and time-based RSUs per plan design) .
- Awards subject to customary termination, forfeiture, and acceleration provisions .
Equity Ownership & Alignment
Beneficial Ownership (as of 3/27/2025 record date)
| Holder | Total Beneficial Shares | Direct Ownership | Options Exercisable | % of Class A |
|---|---|---|---|---|
| Joey Ballard | 140,082 | 19,890 | 120,192 | <1% of Class A (asterisked in table) |
Breakdown and notes:
- Options: 120,192 options (grant 11/11/2020) exercisable at $7.885, expiring 11/11/2030 .
- Anti-hedging/anti-pledging: Company prohibits hedging and pledging for CEO, President, COO, CFO, and directors; broader “Key Features” also reference anti-hedging/anti-pledging guidelines for senior executive officers (the proxy names the top four executives and directors explicitly) .
- Stock ownership guidelines: CEO at 6x salary; President/COO/CFO at 1x salary; no specific multiple disclosed for non-listed EVPs; no disclosure of Ballard’s ownership guideline status .
Outstanding Unvested Awards at 12/31/2024
| Award | Grant Date | Unvested/Unearned Units (#) | Market/Payout Value ($) |
|---|---|---|---|
| Time-based RSUs (2024 LTI) | 06/21/2024 | 6,342 | 172,851 (at $27.255) |
| Performance RSUs (2024 LTI; threshold placeholder) | 06/21/2024 | 1,587 | 43,254 (threshold placeholder per table) |
| Time-based Restricted Stock | 05/17/2023 | 2,584 | 70,427 |
| Performance Restricted Stock (max placeholder; 2023 plan) | 05/17/2023 | 5,168 | 140,854 |
| Performance Restricted Stock (threshold placeholder; 2022 plan) | 05/31/2022 | 2,758 | 75,169 |
Note: “Placeholder” indicates the proxy shows threshold or maximum counts for certain performance awards; actual earned shares will depend on future performance certification .
Insider Transactions and Selling Pressure
| Event Date | Filing Date | Form | Context |
|---|---|---|---|
| 2025-07-01 | 2025-07-03 | Form 4 | Equity transaction reported for Ballard (details in filing); timing aligns with July 1 vesting schedule for 2024 time-based RSUs |
| 2025-05-14 | 2025-05-16 | Form 4 | Additional equity ownership change reported (see filing) |
Other:
- No NEOs exercised options in 2024 (per Options Exercised and Stock Vested table) .
Employment Terms
Severance and Change-in-Control (CIC)
| Scenario | Cash Severance | Bonus Treatment | COBRA | Non-Compete | Notes |
|---|---|---|---|---|---|
| Termination without Cause (non‑CIC) | 18 months of salary continuation (9 months guaranteed + up to 9 more if not re-employed at comparable pay) | Target cash bonus for year of termination, prorated if earned at or above minimum | 18 months | 3 months | At-will employment; severance via Severance Agreement |
| CIC (double-trigger: termination without cause or constructive termination within 24 months post‑CIC) | 200% of annualized base salary (lump sum) | Target cash bonus for year of termination | 24 months | 3 months | Equity awards post‑July 2020 require double trigger for vesting acceleration |
Estimated payout values if trigger occurred on 12/31/2024:
| Component | Termination without Cause ($) | CIC ($) |
|---|---|---|
| Severance Benefits | 878,541 | — |
| CIC Cash Severance | — | 1,099,388 |
| Long-Term Cash Award Payouts | — | 225,000 |
| Accelerated Equity | — | 880,500 |
| Total | 878,541 | 2,204,888 |
Other governance protections:
- Clawback policy: mandatory recovery for accounting restatements; board may recover for misconduct or material covenant breaches (applies to Section 16 officers and senior executives) .
- Anti-hedging/anti-pledging (see above) .
- No tax gross-ups disclosed; double-trigger CIC benefits; no repricing/backdating of options .
Investment Implications
- Pay-for-performance alignment: Ballard’s 2024 incentive mix tied to companywide Adjusted EPS and safety/retention metrics; 2024 LTI combines PSUs (Adjusted EPS and ROIC over 2025–2027) with multi-year time-based RSUs, reinforcing both performance and retention .
- Retention and overhang: Meaningful unvested equity through 2027 (multiple awards outstanding), plus 18 months severance and short non-compete (3 months) support retention but are not overly generous; double-trigger CIC reduces single-trigger risk for investors .
- Potential selling pressure windows: Time-based RSUs vest 33.34% on July 1 each of 2025–2027; Form 4 filed for 7/1/2025 suggests equity activity around vesting—monitor for tax withholding or discretionary sales near these dates .
- Ownership and alignment: Ballard beneficially owns 140,082 shares including 120,192 deeply in-the-money options (strike $7.885, expiring 11/11/2030), aligning upside with shareholders; anti-pledging policy (explicitly covering CEO/President/COO/CFO and directors) and companywide anti-hedging emphasis mitigate misalignment risks .
- Governance backdrop: Say-on-pay support of ~98.7% in 2024 reduces compensation-related governance overhang; no related party transactions >$120,000 in 2024 .