Management ChangeMay 6, 2026, 04:29 PM
Asbury Automotive Appoints Daniel Clara as President & CEO
AI Summary
Asbury Automotive Group, Inc. announced an employment agreement with Daniel Clara in connection with his promotion to President and Chief Executive Officer, effective May 4, 2026. The agreement outlines his compensation, including an annual base salary of $1,100,000 and eligibility for annual incentive bonuses and equity awards. It also details severance provisions for various termination scenarios, including those related to a change in control, and includes confidentiality, non-compete, and non-solicit obligations.
Key Highlights
- Daniel Clara appointed President and CEO, effective May 4, 2026.
- Annual base salary set at $1,100,000, pro-rated for 2026.
- Eligible for annual incentive bonus targeted at 125% of base salary ($1,375,000).
- Eligible for annual equity grants targeted at $3,800,000.
- Received a one-time equity award of $2,300,000, vesting over three years.
- Non-Change in Control severance includes 100% base salary and target bonus, plus 12 months benefits.
- Change in Control severance includes 200% base salary and target bonus, plus 24 months benefits.
- Agreement includes 1-year non-compete and 2-year non-solicit clauses.
- Entitled to use of a Company car and a monthly $800 car allowance.