AutoNation, Inc. (NYSE:AN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
AutoNation, Inc. (the Company) appointed Lance E. Iserman as
Executive Vice President, Sales and Chief Operating Officer of
the Company, effective June 1, 2017. Mr. Iserman, age 52, has
served as President of the Companys Western Region, with
responsibility for stores located in the western region of the
United States, since October 2014. From August 2001 through
September 2014, Mr. Iserman served in various roles within the
Company, including as Market President with responsibility for
stores located in southern California from November 2011 through
September 2014, and as Market President with responsibility for
stores located in Phoenix, Arizona and Tucson, Arizona from
October 2006 through October 2011.
Committee) of the Board approved a new compensation arrangement
for Mr. Iserman. Effective June 1, 2017, Mr. Iserman will be
entitled to receive an annual base salary of $750,000. In
addition, Mr. Iserman will participate in the 2017 annual
incentive program established by the Committee with a 2017 target
award equal to 70% of his annual base salary, based on the same
performance goals approved by the Committee for the other
executive officers of the Company and pro-rated based on time
served in his new position during 2017. Mr. Iserman also received
a one-time award of 6,505 restricted stock units (RSUs) on June
1, 2017. The RSUs will vest in 25% annual increments on each of
the first four anniversaries of March 1, 2017.
the Company, in addition to his current positions as Chairman of
the Board and Chief Executive Officer of the Company, effective
June 1, 2017. Mike Jackson, age 68, has served as the Companys
Chief Executive Officer and Director since September 1999 and as
the Companys Chairman of the Board since January 2003.
and General Release of All Claims (the Agreement) with William R.
Berman in connection with his resignation as President and Chief
Operating Officer effective May 15, 2017. to the terms of the
Agreement, in consideration for, among other things, his
compliance with non-solicitation, no-hire, confidentiality, and
cooperation obligations, as well as his compliance with all other
agreements between him and the Company, including non-competition
agreements, and subject to his re-execution and non-revocation of
a release of claims, Mr. Berman will receive severance
compensation equal to $2,775,000, less applicable taxes and
withholdings, payable in 36 semi-monthly installments over 18
months following his separation of employment with the Company on
June 30, 2017. In addition, the Company agreed to pay to Mr.
Berman a pro-rated annual bonus for 2017, based on the Companys
actual performance for 2017 and payable at the same time bonuses
are paid to the other executive officers of the Company. Mr.
Bermans outstanding equity awards will be governed by the terms
of his award agreements and the Companys equity plans.
entirety by reference to such Agreement. The Agreement is filed
as Exhibit 10.1 to this report and is incorporated herein by
reference.
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10.1
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Separation Agreement and General Release of All Claims,
dated May 31, 2017, by and between AutoNation, Inc. and William R. Berman. |
About AutoNation, Inc. (NYSE:AN)
AutoNation, Inc. is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments, including Domestic, Import and Premium Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US. The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan. The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus. AutoNation, Inc. (NYSE:AN) Recent Trading Information
AutoNation, Inc. (NYSE:AN) closed its last trading session up +0.83 at 40.35 with 1,668,344 shares trading hands.
