AutoNation cuts 2011 pay packages for CEO Mike Jackson, COO Michael Maroone

Article by Christian A., on March 28, 2012

The biggest dealership group in the United States -- AutoNation Inc. -- has reduced the pay packages for its top two executives last year. Chief Executive Officer Mike Jackson earned $6.43 million total compensation last year, a decline from the $6.77 million he earned in 2010. His salary of $1.15 million was unchanged, but his bonus declined to $1.51 million from $2.86 million.

The value of stock option awards to Jackson increased around $1 million to $3.58 million. Chief Operating Officer Michael Maroone earned a $5.03 million total compensation in 2011, a drop from the $5.2 million he earned in 2010.

His salary of $1 million was unchanged while his bonus decreased to $982,200 from $1.87 million. The value of stock option awards to Maroone increased around $800,000 to $2.86 million. The compensation levels for 2011 were revealed in the dealership group's proxy statement issued on Monday.

These compensation levels include aircraft and vehicle allowances. Even with the considerable rise in earnings last year, AutoNation trimmed executive bonuses after it fell just short of achieving one of two measures governing its executive incentive plan. 

Specifically, AutoNation set a target of $3.65 for its adjusted operating income per basic share. It achieved $3.59, which is still a considerable increase. In 2010, it aimed for $2.24 and hit $2.84 for that same measure.

The dealership group topped the goals set for the other incentive plan measures of adjusted operating income as a percentage of gross margin. AutoNation disclosed that adjusted operating income in 2011 were 24.4% of gross margin, which is higher than the 23.5% goal. AutoNation spokesperson Marc Cannon disclosed that they raise the benchmark every year and continue to challenge themselves to perform better.

Topics: autonation

If you liked the article, share on:

Comments

Recommended

Polestar is notably known to be Volvo's internal performance specialists, and around last year Polestar revealed to the public that it will utilize electrification to further advance the power of...
by - June 26, 2017
Earlier this month, Porsche introduced to us the 911 Turbo S Exclusive Series. The car wore a Golden Yellow Metallic paint. The same time it was launched, the company said...
by - June 26, 2017
Last month, the Lamborghini Centenario made its way to the Transformers: The Last Knight premiere where it got the attention of many. Following that event, three Lamborghini Centenario coupes landed...
by - June 26, 2017
The Holy Trinity of hypercars may not be accessible anymore after being discontinued, but that doesn’t mean we won’t see any more hypercars in the future. What we know is...
by - June 26, 2017
Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries