Cheryl Miller has resigned as CEO of AutoNation Inc. pursuing a a few-month medical leave, while the auto retail large has extended Mike Jackson’s contract to direct the business by April 12, 2022.
Miller, who had been CEO for much less than a year, is the second chief govt to walk absent from AutoNation due to the fact 2019 with a huge payout. Miller stands to receive a severance of much more than $five.four million compensated in 48 payments, an undetermined prorated once-a-year reward payment for 2020 and much more than $21,000 to protect wellbeing, dental and eyesight insurance for eighteen months as very long as she complies with problems in her separation agreement, in accordance to a regulatory filing late Tuesday.
Moreover, Miller will be treated as “retirement” eligible for 70,098 restricted stock units that she was granted in March 2019 and August 2019, but all other unvested stock awards have been terminated, in accordance to the filing.
“The board is grateful for Cheryl’s yrs of support and management, such as the strategic partnership she created amongst AutoNation and Waymo,” Jackson, AutoNation’s chairman and CEO, said in a statement. “We are grateful for her contributions and wish her all of the ideal in her upcoming endeavors.”
The business said Tuesday that Miller, 48, resigned as of that day and also resigned from the board of administrators. She had questioned for and been granted a medical leave by the nation’s largest new-vehicle retailer in April. Miller had been with AutoNation for much more than ten yrs, serving 5 yrs as CFO ahead of being named CEO.
“AutoNation is America’s largest and most identified automotive retailer and it has been an honor to have aided direct the business for above a 10 years,” Miller said in a statement. “I am grateful for the chance to have labored with so numerous gifted and committed associates and leaders who I’m assured will continue to travel the business ahead.”
In April, AutoNation had named Jackson, then govt chairman, to fill in as CEO and president right until Miller returned. Later on that month, AutoNation promoted COO Jim Bender to president, transferring a title held by Miller.
AutoNation named Miller CEO in July 2019 soon after she had served as the firm’s finance chief. She had been tapped to replace Carl Liebert, an field outsider who lasted just 4 months in the task soon after AutoNation hired him to replace Jackson, seventy one, when he opted to phase down as CEO. Jackson previously was CEO of the business for nearly twenty yrs.
AutoNation said it strategies to title a successor for Jackson in early 2022, and he will retire from the business the moment it has appointed a new CEO. His new work agreement states that Jackson could leave faster if a new chief govt is hired ahead of April 12, 2022.
Jackson, whose contract previously had been established to run by the end of 2021, will generate a $one.3 million once-a-year wage — the exact same as in 2019 — and his once-a-year reward is targeted at 200 % of his base wage, with his 2022 once-a-year reward prorated for the selection of times labored and “will be primarily based on real general performance,” in accordance to the regulatory filing.
He also will be eligible to receive stock awards predicted to be worth much more than $2.9 million in 2020, $9.one million in 2021 and much more than $2.five million in 2022.
AutoNation Inc., of Fort Lauderdale, Fla., ranks No. one on Automotive Information‘ listing of the major a hundred and fifty dealership teams primarily based in the U.S., retailing 282,602 new vehicles in 2019.