Driven Brands Holdings Inc 8-K, filed Dec 19, 2023
Driven Brands Holdings Inc. (DRVN)
About this 8-K
Driven Brands Holdings Inc filed this 8-K on December 19, 2023, reporting on events of December 18, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 19, 2023, Driven Brands Holdings Inc. (the “Company”), issued a press release announcing that it had elected Damien Harmon to its Board of Directors (the “Board”), effective January 1, 2024. Upon his election, Mr. Harmon will also serve as a member of the Board’s Compensation Committee. Mr. Harmon brings extensive experience in retail operations and in creating and maintaining extraordinary customer experiences.
Mr. Harmon, 45, has served as the senior executive vice president of customer, channel experiences & enterprise services for Best Buy Co. Inc. since April 2023. In this role, he is responsible for the end-to-end customer experience and the work that enhances every interaction with Best Buy customers and employees. Mr. Harmon first joined Best Buy in 2005 and has held roles of increasing responsibility during his tenure, including as the President of Operations from 2020-2021 and Executive Vice President Omnichannel from 2021 - 2023. From 2014-2018, Mr. Harmon held roles of increasing responsibility at Bridgestone, including as Chief Operations Officer of Bridgestone Retail Operations, LLC and as the President of GCR, the Bridgestone Commercial Division. Mr. Harmon then returned to Best Buy in January 2019 as the Senior Vice President of Workforce Design.
Mr. Harmon will receive compensation as a non-employee director of the Company as described in the Company’s 2023 Proxy Statement on Schedule 14A, filed March 29, 2023 (the “Proxy Statement”).
In connection with his election to the Board, the Company will enter into an indemnification agreement with Mr. Harmon. A copy of the form of indemnification agreement is filed as Exhibit 10.13 to Driven Brands Holdings Inc.’s Registration Statement on Form S-1, filed December 22, 2020 and is incorporated herein by reference. For a description of this indemnification agreement, see the Proxy Statement.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Form of Indemnification Agreement by and among Driven Brands Holdings Inc. and each of its directors and executive officers (incorporated by reference from Exhibit 10.13 to Driven Brands Holdings Inc.’s Registration Statement on Form S-1, filed December 22, 2020). | |
| 99.1 | Press release dated December 19, 2023. | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DRIVEN BRANDS HOLDINGS INC. | ||||||
| Date: December 19, 2023 | By: | /s/ Scott O’Melia | ||||
| Name: | Scott O’Melia | |||||
| Title: | Executive Vice President, General Counsel and Secretary | |||||
Exhibit 99.1
Driven Brands announces appointment of Damien Harmon to Board of Directors
Company adds new independent director
Charlotte, NC – Driven Brands Holdings (NASDAQ: DRVN), today announced the election of Damien Harmon to its Board of Directors, effective January 1, 2024. Harmon will also serve as a member of the Compensation Committee.
“We’re thrilled to have Damien join our Board,” said Jonathan Fitzpatrick, CEO and President of Driven Brands. “His deep experience in competitive and evolving retail environments and intense focus on delivering exceptional customer experiences will be invaluable as we continue to execute our strategy.”
Harmon serves as the senior executive vice president of customer, channel experiences & enterprise services for Best Buy Co. Inc. In this role, he is responsible for the end-to-end customer experience and the work that enhances every interaction with Best Buy customers and its employees. His areas of responsibility include stores and operations, in-home services and sales, virtual experiences, call centers, membership, and customer strategy, relationship offerings and insights. He also leads Geek Squad, Best Buy’s national tech-support organization dedicated to helping customers learn about and enjoy their technology.
“I am honored to join the Board at Driven Brands as it grows its business and serve its employees, and truly appreciative of the opportunity,” said Harmon. “With my more than two decades of retail and leadership experience, I look forward to doing what I can to help drive their strategic growth forward.”
Before his current position, Harmon served as Best Buy’s Executive Vice President of Omnichannel where he established a dedicated operations plan to enhance the company’s ability to create seamless experiences for Best Buy customers. He also oversaw Best Buy’s real estate portfolio, stores, operations, services, and experiences that span from stores to virtual to in customers’ homes.
In addition to his time at Best Buy, Harmon has held executive-level roles at Bridgestone Americas Inc., including serving as President of GCR Commercial Tires and as the Chief Operating Officer of Bridgestone Retail Operations.
Harmon holds a Bachelor’s Degree in Management from the University of Phoenix.
About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,900 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands’ network generates approximately $2.3 billion in annual revenue from approximately $6.2 billion in system-wide sales.
Contacts
Dawn Francfort
ICR, Inc.
investors@drivenbrands.com
(203) 682-8200
Media inquiries:
Taylor Blanchard
taylor.blanchard@drivenbrands.com
(704) 644-8129