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When Jackson retired, AutoNation agreed to award him restricted inventory items totaling $2,543,014, pay of almost $2.7 million that included wage he would have been paid till April 12, 2022 — the date he was set to retire in his most recent employment contract — plus a goal annual bonus for 2022, in keeping with the proxy. He additionally obtained his annual bonus for 2021 and AutoNation agreed to offer him medical health insurance for 18 months.
AutoNation introduced in September that it had hired former Fiat Chrysler Automobiles CEO Mike Manley to exchange the retiring Jackson. Jackson’s contract said he might depart sooner if a brand new CEO was employed earlier than that April 2022 date.
Manley, who began as CEO at AutoNation on Nov. 1, earned $8.51 million in compensation final 12 months, in keeping with the proxy. He’s set to earn a $1.3 million annual base salary.
The vast majority of Manley’s 2021 compensation included $6.7 million in inventory awards. AutoNation, within the proxy, stated that inventory award “was supposed to exchange sure stock-based awards and different compensation that Mr. Manley forfeited from prior employment in connection along with his recruitment to the corporate.”
He additionally earned $216,667 in wage, a $1.5 million bonus and $97,092 in different compensation. Amongst that different compensation was $54,011 for relocation prices, $35,043 in tax reimbursement, $7,500 for a car allowance and group time period life insurance coverage funds of $538.
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive Information‘ most up-to-date checklist of the highest 150 dealership teams based mostly within the U.S., retailing 249,654 new automobiles in 2020.
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