Driven Brands Holdings Inc 8-K, filed Jan 26, 2023
Driven Brands Holdings Inc. (DRVN)
About this 8-K
Driven Brands Holdings Inc filed this 8-K on January 26, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- 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. |
Driven Brands Holdings Inc. (the “Company”) announced on January 26, 2023, that it had elected Daniel Rivera, age 43, as its Executive Vice President and Chief Operating Officer (“COO”) effective February 20, 2023. In this capacity, Mr. Rivera will oversee each of our business segments and the leader of each business segment will report to him. He will also be responsible for our environment and safety programs.
Mr. Rivera joined Driven Brands as Chief Information Officer in 2012 and has served as Executive Vice President and Segment President, Maintenance since December 2019. Mr. Rivera served as the President of the Company’s Meineke Car Centers brand from October 2014 to December 2019.
In connection with his election, Mr. Rivera will receive an annual base salary of $575,000, will be eligible to receive an annual performance-based cash bonus (with a target of 100% of his annual base salary), and will be eligible to receive annual equity grants of restricted stock units and performance stock units under the Company’s 2021 Omnibus Incentive Plan (with a target of 125% of his total cash compensation), in each case as determined and approved by the Board or a committee thereof. Any equity grants will be subject to the terms of the Company’s 2021 Omnibus Incentive Plan and the applicable award agreement.
There are no arrangements or understandings between Mr. Rivera and any other person pursuant to which he is being appointed as COO of the Company.
| Item 7.01. | Regulation FD Disclosure |
The Company issued a press release announcing that it had elected (i) Mr. Rivera to serve as COO and (ii) Muhammad Khalid to serve as Executive Vice President and Segment President, Maintenance. A copy of the press release announcing these elections is being furnished with this report and is incorporated herein by reference.
Note: The information provided pursuant to Item 7.01 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated January 26, 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: January 26, 2023 | By: | /s/ Scott O’Melia | ||||
| Name: | Scott O’Melia | |||||
| Title: | Executive Vice President, General Counsel and Secretary | |||||
Exhibit 99.1
DRIVEN BRANDS ELEVATES DANNY RIVERA TO NEWLY-CREATED CHIEF OPERATING OFFICER ROLE
Charlotte, N.C. (January 26, 2023) – Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”), the largest automotive services company in North America, today announced the appointment of Danny Rivera to the newly-created role of Chief Operating Officer effective February 20, 2023, reporting to Chief Executive Officer Jonathan Fitzpatrick. Driven Brands is also pleased to welcome back Mo Khalid, who will succeed Rivera in the role of Executive Vice President & Group President, Maintenance, leading both Take 5 Quick Lube and Meineke.
“Danny has been a trusted and invaluable partner over the past decade as we built our unique, holistic automotive services platform. As Chief Operating Officer, he will play a critical role in integrating the operations across our offerings and driving our share of wallet strategy to fully unlock the power of our data ecosystem with more than 29 million unique customers,” said Mr. Fitzpatrick. “Under his leadership, Take 5 Oil Change, our fast, friendly and simple quick lube model, has grown to over 800 locations with a pipeline to more than double in the coming years.
“We are also thrilled to welcome Mo back to the Driven family. With his strong background in operations and field leadership, I am confident he will continue to build on the momentum Danny has developed in our growing Maintenance segment,” continued Mr. Fitzpatrick.
Mr. Rivera has more than 20 years of experience in the consumer and retail category, most recently serving as Executive Vice President & Group President, Maintenance, and earlier in a number of executive positions, including serving as the Company’s Chief Information Officer and President of Meineke. Prior to joining Driven Brands in 2012, he served in a variety of leadership roles at AutoNation, Burger King, General Electric, and Motorola. Mr. Rivera holds two degrees from Florida International University – a Bachelor of Science degree in computer engineering and a Juris Doctorate.
“I am humbled to be appointed to this newly created Chief Operating Officer role. Building on the incredible foundation that our team has created, I am committed to further differentiating our value proposition across our growing platform by more deeply integrating our offerings to meet our customers’ car care needs,” said Rivera. “It is a privilege to work with our segment teams that are leading these iconic brands and I have never been more excited about the potential to drive more value for our customers and ultimately our shareholders.”
Mr. Khalid is joining Driven Brands from his most recent role as Senior Vice President, Field Operations, at Great Wolf Resorts. Previously, he served as the Vice President and Chief Operating Officer of Meineke at Driven Brands. Earlier, he served in a variety of leadership roles at Starwood Hotels & Resorts Worldwide, Burger King, Deutsche Bank and J.P. Morgan Chase. He received a Master of Business Administration from Columbia University and a Bachelor of Science degree in Finance from Rutgers University.
Mr. Khalid said, “I’m excited to return to this incredible, innovative business and for the opportunity to lead such a talented team. Leveraging our proven playbook for growth and differentiated brand, we have never been better positioned to expand our position as a category leader.”
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 4,700 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates approximately $1.9 billion in annual revenue from more than $5.3 billion in system-wide sales.
Contacts
Shareholder/Analyst inquiries:
Kristy Moser
kristy.moser@drivenbrands.com
(980) 229-9450
Media inquiries:
Taylor Blanchard
taylor.blanchard@drivenbrands.com
(704) 644-8129