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Posted 29 July, 2022

SONIC AUTOMOTIVE INC appointed new CEO

CEO Change detected for ticker NYSE:SAH in a 8-K filed on 29 July, 2022.


  On July 27, 2022, the Board of Directors (the "Board") of Sonic Automotive, Inc. (the "Company") elected David Bruton Smith, the Company's Chief Executive Officer and a member of the Board, to also serve as Chairman of the Board, effective that day.  

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Overview of SONIC AUTOMOTIVE INC
Retail/Wholesale • Specialty Retail
Sonic Automotive, Inc. is an automotive retailer. Its services include sales of both new and used cars and light trucks, sales of replacement parts and performance of vehicle maintenance, warranty, paint and repair services and arrangement of extended service contracts, financing, insurance, vehicle protection products and other aftermarket products for automotive customers. It operates through the Franchised Dealerships and EchoPark segments. The Franchised Dealerships segment provides comprehensive services, which include sales of both new and used cars and light trucks, sales of replacement parts and performance of vehicle maintenance, manufacturer warranty repairs, and paint and collision repair services. The EchoPark segment sales used cars and light trucks. The company was founded by Ollen Bruton Smith and Bryan Scott Smith in January 1997 and is headquartered in Charlotte, NC.
Market Cap
$2.27B
View Company Details
SONIC AUTOMOTIVE INC by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 27, 2022, the Board of Directors (the "Board") of Sonic Automotive, Inc. (the "Company") elected David Bruton Smith, the Company's Chief Executive Officer and a member of the Board, to also serve as Chairman of the Board, effective that day.


Also on July 27, 2022, the Board of the Company elected B. Scott Smith, Co-Founder of the Company and a greater than 10% beneficial owner of the Company, to the Board to fill the vacancy created by the passing of O. Bruton Smith, effective that day, with a term expiring at the Company's 2023 annual meeting of stockholders. Mr. B. Scott Smith served as President and Chief Executive Officer of the Company from July 2015 until September 2018 and as a director of the Company from its organization in January 1997 until September 2018.


Mr. B. Scott Smith has not been named to any committees of the Board. There are no arrangements or understandings between Mr. B. Scott Smith and any other persons pursuant to which he was selected as a director. For information regarding disclosure required pursuant to Item 404(a) of Regulation S-K with respect to Mr. B. Scott Smith, see the discussion under the heading "Transactions with Affiliates" on pages 24 and 25 of the Company's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on March 18, 2022 (the "Proxy Statement").


Mr. B. Scott Smith will be entitled to receive compensation in accordance with the Company's Director Compensation Policy for non-employee directors, a copy of which was attached as Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Specifically, in connection with his election as a director, Mr. B. Scott Smith will receive a grant of 3,884 restricted shares of the Company's Class A Common Stock. Subject to Mr. B. Scott Smith's continued service on the Board, the restricted stock will vest in full on the first anniversary of the grant date.