Asbury Automotive Group, Inc. made significant changes to the employment agreement of its Executive, David W. Hult, leading to his resignation as President and CEO and appointment as Executive Chairman.
The Company and the Executive mutually amended the Employment Agreement to reflect the transition and new responsibilities.
Effective as of the Transition Date, key changes were made to the Executive's position and compensation structure.
Transition in Leadership
David W. Hult resigns as President and Chief Executive Officer, taking on the role of Executive Chairman.
New Position Description
As Executive Chairman, Hult will report directly to the Board of Directors and perform various duties outlined in the amended agreement.
Compensation Changes
Adjustments to Hult's base salary and bonus structure were made to align with the new role and responsibilities.
Board Service
Hult gains the opportunity to serve on the board of directors of two non-competing corporations with Board approval.
- The transition in leadership signifies a strategic shift in the Company's executive structure.
- Hult's new role as Executive Chairman highlights a focus on leadership development and strategic guidance within the organization.
The Third Amendment to the Employment Agreement marks a significant milestone in Asbury Automotive Group, Inc.'s leadership evolution, solidifying a new direction for executive responsibilities and compensation.