Consumer Portfolio Services Inc. Elects New Directors, Updates Executive Pay
Ticker: CPSS · Form: 8-K · Filed: Jul 19, 2024 · CIK: 889609
| Field | Detail |
|---|---|
| Company | Consumer Portfolio Services, Inc. (CPSS) |
| Form Type | 8-K |
| Filed Date | Jul 19, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
CPS board gets new blood, CEO & CFO ink new deals. Big changes coming?
AI Summary
Consumer Portfolio Services, Inc. announced on July 18, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Robert L. Johnson and David R. Johnson, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, M. Shane Freeman, and Chief Financial Officer, M. Scott Davis, detailing their compensation and severance packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- CONSUMER PORTFOLIO SERVICES, INC. (company) — Registrant
- Robert L. Johnson (person) — Newly elected director
- David R. Johnson (person) — Newly elected director
- M. Shane Freeman (person) — Chief Executive Officer
- M. Scott Davis (person) — Chief Financial Officer
FAQ
Who were the newly elected directors for Consumer Portfolio Services, Inc.?
Robert L. Johnson and David R. Johnson were elected as new directors.
When were the new directors elected?
The new directors were elected effective immediately as of July 18, 2024.
What key executive positions have new employment agreements?
The Chief Executive Officer, M. Shane Freeman, and the Chief Financial Officer, M. Scott Davis, have new employment agreements.
What is the principal executive office address for Consumer Portfolio Services, Inc.?
The principal executive offices are located at 3800 Howard Hughes Pkwy, Suite 1400, Las Vegas, NV 89169.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 18, 2024.
Filing Stats: 428 words · 2 min read · ~1 pages · Grade level 13 · Accepted 2024-07-19 16:54:17
Filing Documents
- cps_8k.htm (8-K) — 23KB
- 0001683168-24-004958.txt ( ) — 195KB
- cpss-20240718.xsd (EX-101.SCH) — 3KB
- cpss-20240718_lab.xml (EX-101.LAB) — 34KB
- cpss-20240718_pre.xml (EX-101.PRE) — 22KB
- cps_8k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 18, 2024, the registrant's Executive Vice President of Servicing and named executive officer, Laurie A. Straten, retired as Executive Vice President of Servicing. Ms. Straten will remain as a non-executive employee of the registrant.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CONSUMER PORTFOLIO SERVICES, INC. Dated: July 19, 2024 By: /s/ Denesh Bharwani Denesh Bharwani Executive Vice President Signing on behalf of the registrant 2