Lithia Motors CFO Departs, Interim Appointed; New Director Elected
Ticker: LAD · Form: 8-K · Filed: 2024-07-02T00:00:00.000Z
Sentiment: neutral
Topics: executive-change, board-change, cfo-departure
TL;DR
CFO out, interim in, new board member for Lithia Motors.
AI Summary
Lithia Motors, Inc. announced on June 26, 2024, the departure of its Chief Financial Officer, John P. North, effective the same date. The company has appointed Christopher J. North as the interim CFO. Additionally, Lithia Motors has elected a new director, Scott D. Smith, to its board, effective June 26, 2024.
Why It Matters
Changes in key executive positions and board composition can signal shifts in company strategy or financial oversight, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in CFO and board composition can introduce uncertainty regarding future financial strategy and governance.
Key Players & Entities
- Lithia Motors, Inc. (company) — Registrant
- John P. North (person) — Departing Chief Financial Officer
- Christopher J. North (person) — Interim Chief Financial Officer
- Scott D. Smith (person) — Newly Elected Director
- June 26, 2024 (date) — Effective date of departures and appointments
FAQ
Who has been appointed as the interim Chief Financial Officer of Lithia Motors?
Christopher J. North has been appointed as the interim Chief Financial Officer.
When was the departure of John P. North as CFO effective?
The departure of John P. North as CFO was effective on June 26, 2024.
Who was elected as a new director to Lithia Motors' board?
Scott D. Smith was elected as a new director to Lithia Motors' board.
What is the principal executive office address for Lithia Motors?
The principal executive office address is 150 N. Bartlett Street, Medford, Oregon 97501.
What is the SEC Act under which this Form 8-K is filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934.
Filing Stats: 766 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-07-02 16:06:12
Key Financial Figures
- $100,000 — r service on the Board in the amount of $100,000, which is paid in equal monthly install
- $162,500 — ing an aggregate value of approximately $162,500. The RSUs will vest over the outside di
- $965 million — g segments which contributed revenue of $965 million in 2023. She runs an approximate $27 bi
- $27 billion — illion in 2023. She runs an approximate $27 billion deposit and loan portfolio, as of Decem
Filing Documents
- lad-20240626.htm (8-K) — 26KB
- 0001023128-24-000081.txt ( ) — 174KB
- lad-20240626.xsd (EX-101.SCH) — 2KB
- lad-20240626_def.xml (EX-101.DEF) — 14KB
- lad-20240626_lab.xml (EX-101.LAB) — 25KB
- lad-20240626_pre.xml (EX-101.PRE) — 15KB
- lad-20240626_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Certain confidential and immaterial terms redacted pursuant to Item 601(b)(10)(iv) 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 the undersigned hereunto duly authorized. Dated: July 2, 2024 LITHIA MOTORS, INC. By: /s/ Tina Miller Tina Miller Senior Vice President and Chief Financial Officer