Joseph Williams
About Joseph L. Williams
Joseph L. Williams, age 79, is an independent director of Energy Services of America Corporation and has served on the Board since 2006. He is Chairman and Chief Executive Officer of Basic Supply Company, Inc., which he founded in 1977, and previously served as Chairman, President and CEO of Consolidated Bank & Trust Co. from 2007 until its merger into Premier Financial Bancorp, Inc. in 2009. Williams holds a finance degree from Marshall University; his background spans entrepreneurship, banking leadership, and public service (including former Mayor and City Councilman of Huntington, WV, and service on the U.S. SBA National Advisory Council).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Basic Supply Company, Inc. | Chairman & CEO | 1977–present | Founder; long-term operator in distribution/supply |
| Consolidated Bank & Trust Co. | Chairman, President & CEO | 2007–2009 | Led bank until merger into Premier Financial Bancorp, Inc. |
| City of Huntington, WV | Mayor and City Councilman | Former (dates not disclosed) | Public governance experience |
| U.S. SBA National Advisory Council | Member | Former (dates not disclosed) | Small business policy/advisory exposure |
| Unlimited Future, Inc. | Director | Former (dates not disclosed) | Small business incubator governance |
| Marshall University | Institutional Board of Governors, former member | Former (dates not disclosed) | Higher education governance exposure |
External Roles
| Category | Current Roles |
|---|---|
| Public company directorships | None disclosed in the proxy biography for Williams |
| Private/non-profit boards | See Past Roles (former roles only; no current external board roles disclosed) |
Board Governance
- Independence: Board determined Williams is an independent director under Nasdaq standards.
- Committees: Member, Compensation Committee (with Frank S. Lucente and Mark S. Prince). No chair designation disclosed for the Compensation Committee.
- Nominating: Duties performed by independent directors as a group; Williams participates by virtue of independence. The nominating committee met once in FY2024.
- Audit: Not an audit committee member (Audit Committee is Prince [Chair/Financial Expert], Lucente, and Farrell).
- Attendance/Engagement: FY2024 Board held 12 regular and 1 special meeting; only one director (Amy Abraham) attended fewer than 75%. No individual attendance percentage for Williams disclosed, but the board-level disclosure implies Williams met at least the 75% threshold.
- Tenure: Director since 2006 (long-serving).
Fixed Compensation
Director cash retainer increased meaningfully in FY2024; no equity grants to directors.
| Metric | FY2023 (year ended Sep 30, 2023) | FY2024 (year ended Sep 30, 2024) |
|---|---|---|
| Fees earned or paid in cash ($) | $12,000 | $23,000 (monthly retainer $1,000 for Oct 2023; $2,000/month beginning Nov 2023) |
| Stock awards ($) | $0 | $0 |
| All other compensation ($) | $0 | $0 |
| Committee/meeting fees | None (no fee payments for committee participation) | None (no fee payments for committee participation) |
Performance Compensation
No performance-linked director compensation disclosed; no non-equity incentive awards to directors; and no outstanding stock awards or stock options for any directors as of September 30, 2024.
Expertise & Qualifications
- Entrepreneur/operator: Founder and longtime CEO of Basic Supply Company, Inc. (since 1977).
- Banking leadership: Led Consolidated Bank & Trust Co. (2007–2009).
- Public sector governance: Former Mayor and City Councilman (Huntington, WV); member of SBA National Advisory Council; director of small business incubator.
- Education: Finance degree from Marshall University; governance exposure via its Institutional Board of Governors (former member).
Equity Ownership
| Metric | FY2023 (as of Sep 30, 2023) | FY2024 (as of Sep 30, 2024; reflected in 2025 proxy) |
|---|---|---|
| Shares beneficially owned | 133,450 | 90,250 |
| Ownership (% of shares outstanding) | 0.8% | 0.5% |
| Shares pledged as collateral | Not disclosed in 2023 table; no pledge statement provided | None of directors’/executives’ beneficially owned shares have been pledged (company statement) |
| Anti-hedging policy | Prohibits short sales, options, and hedging/monetization transactions for directors and NEOs |
Other Directorships & Interlocks
- No current public company directorships for Williams are disclosed in the proxy biography.
- Company-level related party transactions disclosed in the proxy do not reference Williams; aside from items involving other executives/directors (e.g., Corns Enterprises note/lease; prior banking relationships tied to other directors), no Williams-related transactions are cited.
Governance Assessment
- Strengths: Independent status; long industry and financial leadership background; active role on Compensation Committee; board-level attendance above 75% threshold in FY2024 for all but one director (not Williams), supporting engagement; anti-hedging policy aids alignment.
- Alignment: Holds a meaningful personal stake (0.5% in FY2024; previously 0.8% in FY2023), and company states no pledging—reducing risk of misaligned incentives.
- Watch items: Very long tenure (since 2006) can raise independence/entrenchment considerations in governance best practices; director compensation is cash-only with no annual equity grants to directors, which can reduce direct market-aligned incentives versus equity-based structures (company explicitly reports no director stock awards or options outstanding).
- Conflicts: No Williams-specific related-party transactions disclosed; independence determination notes no transactions (outside those required to be reported) considered in assessing independence.