The former AutoNation Inc. CEO Mike Jackson, who retired on November 1 after more than two decades with the companyraised nearly $ 18.3 million in compensation last year, according to a statement from the giant’s trustee.
The 73-year-old Jackson earned 29 percent more than last year. His compensation in 2021 included $ 1.09 million in wages, $ 9.1 million in share premiums, $ 5.2 million in compensation for a non-equity incentive program, and $ 2.9 million. other compensation, the trustee said, released on Wednesday.
This other compensation included nearly $ 2.7 million in severance pay, $ 123,367 for personal use of corporate aircraft, $ 41,439 for vehicle use, and $ 55,519 for group life insurance payments.
When Jackson retired, AutoNation agreed to award him limited shares totaling $ 2,543,014, a salary of nearly $ 2.7 million, including a salary paid to him until April 12, 2022 – the date on which he was appointed to retire in the last employment contract – plus the target annual award for 2022, according to the trustee. He also received an annual bonus for 2021, and AutoNation agreed to give him health insurance for 18 months.
AutoNation announced in September that it was hired former Fiat Chrysler Automobiles CEO Mike Manley replace Jackson, who has retired. Jackson’s contract provided that he could retire earlier if a new CEO is hired before that date in April 2022.
According to the trustee, Manley, who took over as CEO of AutoNation on November 1, earned $ 8.51 million in compensation last year. He is tuned in earn $ 1.3 million in annual base salary.
Much of Manley’s compensation for 2021 included $ 6.7 million in stock rewards. AutoNation, a trustee, said the share premium was “intended to replace certain awards and other compensation that Mr. Manley lost to his previous job due to hiring at the company.”
He also received $ 216,667 in salary, $ 1.5 million in bonuses and $ 97,092 in other compensation. This other compensation includes $ 54,011 for travel expenses, $ 35,043 for taxes, $ 7,500 for the vehicle and $ 538 for group life insurance payments.
AutoNation, Fort Lauderdale, Florida, ranks 1st Automotive newsThe latest list of the top 150 U.S.-based dealerships sold 249,654 new cars in 2020.