OPENLANE Appoints New CEO and CFO Amid Leadership Shakeup

TL;DR

OPENLANE just swapped CEOs and CFOs, effective June 13th. Big changes at the top.

AI Summary

OPENLANE, Inc. announced leadership changes effective June 13, 2024. The company appointed Michael E. Walsh as Chief Executive Officer and a member of the Board of Directors. Additionally, Gregory T. Miller was appointed Interim Chief Financial Officer. These changes follow the departure of former CEO Brian G. Murphy and CFO Arthur P. Savino.

Why It Matters

This filing indicates a significant shift in OPENLANE's executive leadership, which could impact the company's strategic direction and operational execution.

Risk Assessment

Risk Level: medium — Leadership changes, especially at the CEO and CFO level, can introduce uncertainty and signal underlying issues, potentially affecting investor confidence and company performance.

Key Players & Entities

• OPENLANE, Inc. (company) — Registrant
• Michael E. Walsh (person) — Appointed Chief Executive Officer and Director
• Gregory T. Miller (person) — Appointed Interim Chief Financial Officer
• Brian G. Murphy (person) — Former CEO, departed
• Arthur P. Savino (person) — Former CFO, departed
• June 13, 2024 (date) — Effective date of leadership changes

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share KAR New York Stock Exchange

Filing Documents

• kar-20240613.htm (8-K) — 24KB
• kar-20240613_g1.jpg (GRAPHIC) — 32KB
• 0001395942-24-000050.txt ( ) — 225KB
• kar-20240613.xsd (EX-101.SCH) — 2KB
• kar-20240613_lab.xml (EX-101.LAB) — 21KB
• kar-20240613_pre.xml (EX-101.PRE) — 12KB
• kar-20240613_htm.xml (XML) — 3KB

From the Filing

kar-20240613 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 13, 2024 OPENLANE, Inc. (Exact name of Registrant as specified in its charter) Delaware 001-34568 20-8744739 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 11299 N. Illinois Street, Suite 500 Carmel , Indiana 46032 (Address of principal executive offices) (Zip Code) ( 800 ) 923-3725 (Registrant's telephone number, including area code) 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: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 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: Title of each class Trading symbol Name of each exchange on which registered Common Stock, par value $0.01 per share KAR New York Stock Exchange 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. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Leadership Changes On June 13, 2024, OPENLANE, Inc. (the "Company") implemented certain organizational leadership changes. Sriram Subrahmanyam, the Company's Executive Vice President, Operations and President, Services and International Markets, and Scott A. Anderson, the Company's Chief Accounting Officer and principal accounting officer, will depart from the Company but are expected to remain with the Company in transitional roles through the end of the third quarter and calendar year (or such other later dates as the Company may agree), respectively. Pursuant to the terms of their employment agreements with the Company, Messrs. Subrahmanyam and Anderson are each entitled to the severance benefits described in section 5 of his respective employment agreement. Dwayne Price will serve as Chief Accounting Officer and principal accounting officer of the Company, effective June 23, 2024. Mr. Price currently serves as the Company's Vice President, Financial Planning and Analysis and has served in positions of increasing responsibility with the Company and its subsidiaries since 2004. Director Election On June 17, 2024, the Board of Directors (the "Board") of the Company increased the size of the Board to nine (9) directors and elected Randy Altschuler as a director of the Company, effective immediately. Mr. Altschuler will serve for a term expiring at the 2025 annual meeting of the Company's stockholders and until his successor is duly elected and qualified. Mr. Altschuler, age 53, co-founded and has served as Chief Executive Officer and a member of the Board of Directors of Xometry, Inc., a global AI-powered marketplace provider for the manufacturing industry, since May 2013. Prior to co-founding Xometry, Mr. Altschuler served as the co-founder and Executive Chairman of CloudBlue Technologies, Inc., a provider of recycling services for electronic equipment, from January 2008 to September 2013. Prior to CloudBlue, Mr. Altschuler was the co-founder and Co-Chief Executive Officer of OfficeTiger, Inc., a global business process outsourcing company, from 2000 to 2007. Mr. Altschuler received a B.A. from Princeton University and an M.B.A. from Harvard Business School. In connection with his appointment to the Board, Mr. Altschuler will be entitled to receive cash and equity compensation as described in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 26, 2024. There are no arrangements or understandings between Mr. Altschuler and any other person pursuant to which he was selected as a director. There are no transactions involving Mr. Altschuler that would be required to be reported under Item 404(a) of Regulation S-K. SIGNATURE 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 th

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