AutoNation Doubled CEO Jackson's Pay in 2009
DETROIT - AutoNation Inc. doubled CEO Mike Jackson's compensation in 2009, to $5.16 million, reported Automotive News. Jackson's $1.15 million base salary was unchanged, but he received a $1.7 million bonus for 2009, the company said in its annual proxy filing today. AutoNation had awarded no executive bonuses in the prior two years. Despite posting profits for those years, the company missed predetermined targets established for 2007 and 2008. AutoNation, however, exceeded financial targets set for 2009. The value of stock option awards to Jackson also rose in 2009, to $2.09 million. Jackson's $5.16 million package compares with total compensation of $2.58 million in 2008. AutoNation COO Michael Maroone earned total compensation of $3.98 million in 2009, up from $2.26 million in 2008. Maroone's $1 million salary was unchanged. He received a $1.11 million bonus and stock option awards higher in value than his 2008 option awards. AutoNation's annual shareholder meeting is May 5. AutoNation's board of directors is urging a vote of no on two shareholder proposals. One would allow holders of 10 percent of common stock to call special shareholder meetings; the second would require an independent director to serve as chairman of AutoNation's board of directors. CEO Jackson is AutoNation's current chairman.
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