Group 1 Automotive Inc 8-K, filed Sep 8, 2020
Group 1 Automotive Inc (GPI)
About this 8-K
Group 1 Automotive Inc filed this 8-K on September 8, 2020, reporting on events of September 4, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 4, 2020, the Board of Directors of Group 1 Automotive, Inc. (the “Company”), approved the reinstatement of the full salaries of the President U.S. and Brazilian Operations and the Company’s Senior Vice Presidents, effective September 15, 2020, and the President & Chief Executive Officer, effective October 1, 2020.
As previously disclosed, effective March 25, 2020, the Company’s executive officers voluntarily agreed to reduce the base salary component of their compensation until further notice, as follows: (i) President & Chief Executive Officer (50%), (ii) President U.S. and Brazilian Operations (35%), and (iii) Senior Vice Presidents (20%). Such compensation reduction was in response to the decrease in business activities and the business impact of the COVID-19 virus.
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 thereunto duly authorized.
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Group 1 Automotive, Inc. |
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Date: September 8, 2020 |
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By: |
/s/ Darryl M. Burman |
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Name: Darryl M. Burman |
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Title: Sr. Vice President |